Ryanair robbed of $5 billion in Chinese bank hack

2015 has its first major cybercrime! $5 million has been stolen from a Ryanair account through an electronic transfer made via a Chinese bank.

Investigations are underway to determine the leak that had the scope to carry out the cross-contintntal cyber crime. It is still unclear if the Chinese bank’s servers were hacked, or if Ryanair’s servers were penetrated.

ryanair-aircraft

Initial reports allege that a group of hackers might have been behind the hacking scam. The technical expertise required to pull off a caper like this requires putting together the talents of multiple minds in order to bypass multiple firewalls and put together bread crumbs stolen from unencrypted and unsecure data packets to find a passage to gain access to the money.

Similar hack attacks carried out in the last three years were carried out by hacker teams outside the US.

Ryanair officials refused to provide additional information on the attack, asserting that the hack attack was under investigation and the involvement of the Chinese bank made this a sensitive case that would be influenced by legal intricacies.

The good news is that the $5 million transaction is expected to revert and the Dublin based airline is not going to bear any loss because the hackers had not managed to draw the money out as yet. The bad news is that the hack attack is also expected to resurrect the debate on China’s Great Firewall and its effectiveness.

This is the first major hack attack of 2015 and may mark the beginning of a turbulent year that is expected to be riddled with damage from hack attacks.

Related Articles

Danish Pervez

Danish Pervez

Author

Danish Pervez's Biography :


When the world sleeps, Danish Pervez is online researching consumer preferences and identifying next-gen trend waves. Experience in IT, combined with his diverse expertise in marketing and research - both traditional and digital - gives him an insight well worth reading and sharing.


Leave a Reply

Your email address will not be published. Required fields are marked *