BMO and Simplii to be Hijacked; Hackers to Demand Crypto

Personal data of two popular Canadian banks was stolen by hackers, which now demand $1M in cryptocurrency
29 May 2018   847

Unknown hackers attacked the leading Canadian banks Bank of Montreal (BMO) and Simplii Financial, the "daughter" of the Canadian Imperial Bank of Commerce (CIBC). In order to avoid the publication of personal data of banking customers, the attackers demanded from each bank, including through the media, to pay them $ 1 million in cryptocurrency. This was reported by the local CBC television channel.

This is a personal data "less than 50 thousand customers" BMO and about 40 thousand customers Simplii.

As a confirmation of the seriousness of their intentions, hackers attached unencrypted names, social security numbers and answers to control questions of a number of clients to the letters. In addition, they described how they managed to conduct a cyber attack.

Despite this, the BMO press service stated that they do not yet have reliable confirmation of the hack. In this case, the bank believes that both cases are related, and hackers are outside of Canada.

We took steps immediately when the incident occurred and we are confident that exposures identified related to customer data have been closed off.
 

BMO Representative

The investigation of the incident involved the Royal Canadian Mounted Police.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.