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Russian ‘REvil gang’ hackers demands $70M Bitcoin ransom payout

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The group behind the recent Kaseya cyber attack is asking for a $70M ransom in Bitcoin for a ‘universal decryptor’ key

The Russian hacking group REvil has published a blog post on the dark web taking credit for the audacious cyber attack on MSP providers in the US which they claim affected over a million systems.

They also called on ‘anyone willing to negotiate’ for a ‘universal decryptor’, offering to list the key publicly if someone pays the ransom.

“Everyone will be able to recover from the attack in less than an hour,” the post read.

John Hammond from Huntress Labs Inc sent this screenshot of the blog post in a direct Twitter message to Ticker reporters.

Will the companies pay the ransom?

The general advice from cyber-security experts is to not pay hackers to retrieve their data, because it encourages future attacks.

However, John Hammond from Huntress Labs doesn’t believe the situation is so simple. The cybersecurity firm Huntress Labs Inc is leading the investigation into the attack.

“This is an extremely intricate and tough situation,” he said in a private Twitter message to Ticker reporters.

“You have to make the decision that is best for your business,” he said.

The Kaseya cyber attack

The attack targeted more than 20 managed service providers (MSP). Yesterday, Huntress Labs anticipated the hack had affected more than 1000 businesses, which expectations that the figure would grow based on reports from the providers and a Reddit thread tracking the hack.

“It’s reasonable to think this could potentially be impacting thousands of small businesses,” tweeted John Hammond from Huntress Labs. Hammond says the attack targeted a software supplier called Kaseya.

Biden has sinced called for US intelligence to conduct a “deep dive” into the attacks. “We’re not sure it’s the Russians,” he said. “The initial thinking was, it was not the Russian government, but we’re not sure yet.”

Sweden closes up shop

Another victim of the attack is Sweden, which has seen around 500 supermarkets unable to trade.

Coop Sweden has closed half of its 800 stores after its point-of-sale tills and self-service checkouts stopped working just before the weekend.

The supermarket itself was not targeted by hackers. However, because it uses on of the affected MSPs it too has fallen victim to the attack.

Cybersecurity becomes and international security issue

This comes as the latest in a string of ransomware attacks in recent months, including the attack on JBS. Experts have also attributed the JBS attack to the REvil cyber gang.

It also comes shortly after President Joe Biden signed an executive order to strengthen cybersecurity defences across the US.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Money

Boeing CEO to depart with lucrative exit package despite chaos

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Boeing CEO Dave Calhoun is set to step down from his position at the end of the year, walking away with a substantial payout despite challenges faced during his tenure.

Here are the key points:

  • Massive Payout: Despite Boeing’s stock price plummeting by 43% since Calhoun took over as CEO in 2020, he is poised to receive a $24 million payment upon his departure.

  • Additional Compensation: Calhoun holds options that could potentially earn him an additional $45.5 million if his successor manages to boost Boeing’s share price by 37%.

  • Comparative Compensation: Calhoun’s compensation during his tenure exceeds that of CEOs in similar industries, despite Boeing’s stock underperforming in comparison.

Boeing CEO Dave Calhoun’s impending departure at the end of the year has sparked controversy as he stands to walk away with a substantial payout, despite the company’s tumultuous journey under his leadership.

READ MORE: Boeing CEO to step down

Despite inheriting a company reeling from the aftermath of two deadly 737 Max crashes, Calhoun’s tenure has been marred by further setbacks, including the recent Alaska Airlines door blowout incident that further tarnished Boeing’s reputation.

Boeing offers CEO $5.3 million incentive to stay through recovery …

With Boeing’s stock price plummeting by 43% during Calhoun’s time at the helm, questions arise about the correlation between executive compensation and company performance, especially in the face of such significant challenges.

‘Raised eyebrows’

Calhoun’s lucrative exit package, valued at $24 million, has raised eyebrows among shareholders and industry observers alike.

Additionally, the potential for Calhoun to earn an additional $45.5 million based on the future performance of Boeing’s shares has intensified scrutiny over executive compensation practices.

This sizable payout contrasts starkly with Boeing’s stock performance, which has significantly underperformed compared to both industry peers and broader market indices, highlighting the dissonance between executive rewards and shareholder value creation.

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Money

It’s been a record year for CEO compensation

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In 2023, Broadcom’s CEO Hock Tan was granted a stock award worth $161 million, propelling him into the realm of highest-paid CEOs.

However, as the company’s share price surged, the value of Tan’s award skyrocketed to approximately $1.3 billion, outpacing even the shareholders’ annual returns.

Tan’s compensation reflects a broader trend among top executives in the tech sector, where awards of restricted stock and stock options surged in value alongside company share prices.

Notably, CEOs like Charles Robbins of Cisco Systems and Shantanu Narayen of Adobe also saw substantial increases in their compensation, doubling in some cases.

The disclosure of such equity growth in executive compensation is a new requirement by the Securities and Exchange Commission (SEC), providing shareholders with insights into the changing value of executives’ awards throughout the year.

CEO pay is on the rise.

New heights

Overall, CEO pay at major S&P 500 companies reached new heights in 2023, rebounding from slower growth in the previous year. The median pay for these CEOs rose to $15.6 million, up from $14.1 million in 2022, reflecting a surge in equity awards.

Broadcom clarified that Tan’s stock award is designed to span five years, with no plans for additional equity grants or cash bonuses during that period.

Tan’s compensation, which amounts to approximately $33 million annually over five years, is contingent upon his continued tenure and specific share price targets.

While the initial valuation of Tan’s restricted shares stood at $160.5 million, the surge in Broadcom’s share price prompted the company to reassess the likelihood of meeting vesting conditions.

This reassessment suggests that Tan may not receive all the shares initially granted.

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Money

Market forecast: weather whirlwinds influencing investments

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Prime conditions for commodity investments arise from global weather shifts, geological tensions, and rising interest rates.

With global weather patterns causing disruptions in traditional supply chains, coupled with geopolitical tensions over natural resource access, and the anticipation of higher interest rates impacting financial markets, the conditions for commodity investments have reached exceptional levels.

Amidst this backdrop, Farrer Capital has emerged as a standout player, leveraging its unique ‘blue ocean’ approach to capitalize on price dislocations and scarce competition in the market.

Mark Wyld from MW Wealth joins the show to share his insights on the inclement weather impacting the market.

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