Report: Nokia Paid Out Millions to Hackers in Blackmail Plot

A bag containing the money was left in a parking lot

   

Report: Nokia Paid Out Millions to Hackers in Blackmail Plot

According to a Finnish news report, smartphone maker Nokia (NOKwas successfully blackmailed by hackers in 2007.

nokia storefront 630 300x200 Report: Nokia Paid Out Millions to Hackers in Blackmail Plot
Source: Flickr

The report indicates that hackers obtained Nokia’s Symbian encryption key, a tiny bit of code that allowed Nokia to keep unapproved applications from being installed on its phones. The hackers informed Nokia that if it paid “millions of euros,” the code would not be misused. Nokia, which was then the world’s largest handset maker, paid the hackers, but also informed authorities about the blackmail, MTV News notes.

Finnish law enforcement agencies are still investigating the unsolved crime as aggravated extortion. How the hackers obtained the encryption code remains unclear.

Nokia made the payment by leaving a bag stuffed with cash in a parking lot in the city of Tampere. Unfortunately, local police were unable to track the hackers once the cash had been picked up.

Since 2007, Nokia’s share of the cell phone market has fallen dramatically. Nokia’s handset division was sold to Microsoft (MSFT) last year.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/06/report-nokia-paid-millions-hackers-blackmail-plot/.

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