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The Israeli software company paid a late ransom of $ 250,000 for Bitcoin

June 16, 2020

An Israel-based company has reportedly paid $ 250,000 in bitcoin to pay a ransom demanded by hackers threatened to shut down their systems after a ransomware attack.

According to a source quoted by Calcalist on June 14th Sapiens International Corp. N.V., a software company listed on Nasdaq and Tel Aviv, has not reported the decision to U.S. securities regulators. or Israel.

The ransomware attack occurred sometime between March and April when the COVID-19 outbreak exploded worldwide. Most of the company’s employees have to switch to remote work.

A suspected security breach in the first phase of the COVID 19 outbreak

The Israeli software company paid a late ransom of $ 250,000 for BitcoinThe Israeli software company paid a late ransom of $ 250,000 for Bitcoin

Sapiens employs around 2,500 people worldwide, 900 of them in Israel.. Although there are no further details on the rescue band behind the attack, hackers are They could have exploited security vulnerabilities found when migrating to remote work.

The company has not officially referred to the attack, nor has it confirmed or denied the ransom payment in Bitcoin (BTC) reported by the Israeli media.

Most of Sapiens’ customer base is in the United States and EuropeThe secondary markets are located in South Africa and in the Asia-Pacific region.

Sapiens ransom payments are above average

The article highlights that the number for a ransomware attack is high considering that, according to a report by cyber company Coveware in 2019, the average ransom requirement in 2019 was $ 40,000 and the average attack lasted 12 days .

In early June, Cointelegraph reported that the ransomware gang was out NetWalker had attacked Michigan State University (MSU). At that time, the gang threatened to lose student files and financial documents. However, university officials said they would not pay the ransom.