South Korean hosting firm suffers ransomware attack, agrees to pay hackers $1 million


 South Korean web hosting provider, Navana has agreed to pay a $1 million worth of Bitcoin to hackers following a ransomware infection that encrypted its 153 servers including 3,400 business websites and their hosted data.

 The hackers demanded that the hosting firm pay 550 Bitcoins (over $1.6 million) before they would unlock the servers but the company negotiated with the attackers for two days who later agreed to accept 397.6 Bitcoins ($1.01 million). 

Also Read: Hackers hitting Thai companies with Ransomware attacks

 According to a statement on their website, the company admitted the attack saying that they have negotiated with the hackers who agreed to reduce the initial ransom they had asked. The hosting firm said that they negotiated with the hackers to pay the ransom in three installments due to the company's inability to produce such a large amount of cash within a short period. So far, the firm has said that they have paid two of the three payment tranches.

 Trend Micro and AhnLab believes that this ransomware whose name is Erebus targets only Linux computers, though it is still unclear if the two Windows versions previously spotted are related to the Linux version.

 Navana updates its customers that the decryption process for their servers would take up to ten days due to the vast amount of encrypted data.

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