“The hackers claim they were able to gain partial access to accounts by using a common mathematical algorithm designed to quickly validate relatively short numeric sequences such as credit card numbers and social insurance numbers. The hackers say they used the algorithm to get account numbers, which allowed them to pose as authentic account holders who had simply forgotten their password. They say that was apparently enough to allow them to reset the backup security questions and answers, giving them access to the account.”Both banks have passed comment, with the Bank of Montreal stating:
“Our practice is not to make payments to fraudsters, we are focused on protecting and helping our customers.”Similarly, Simplii Financial have said:
“We are continuing to work with cybersecurity experts, law enforcement and others to protect our Simplii clients’ data and interests.”As it stands, it does seem as if neither bank wish to cough up the ransom, suggesting that they are confident in their own security protocols and will ensure that the data of their customers is protected, although it does seem they are a little too late for that. See the full report by CBC News for yourself, here- http://www.cbc.ca/news/business/bank-hack-tuesday-1.4682018 Overall, this is quite a big deal, with a large amount of personal information now in the hands of malicious hackers, the authorities at the banks in question are now in quite a tricky position. Moreover, the customers may find themselves at a bit of a loose end, wondering what may happen next with their personal information. If you believe you may have been affected by this, please contact your bank directly, they will be able to advise you best. Otherwise, let’s hope the name of XRP doesn’t get dragged into this, should the ransom payment go ahead. Ripple could do without that tarnish to its reputation at the moment.