Cryptocurrency News

Do not blame crypto for ransomware

Recently, gas has been a hot topic in the news. In crypto media, This is about Ethereum Minor fees.. In the mainstream media, this is about good old-fashioned gasoline, including a short-lived depletion along the East Coast, Thank you For an alleged darkside ransomware attack on the colonial pipeline system, which supplies 45% of diesel, gasoline and jet fuel supplies to the East Coast.

In cases of ransomware, we typically see a specific cycle repeat: Initially, the focus is on the attack, the root cause, the outcome, and what actions organizations can take to avoid future attacks. Then, attention often begins to turn to cryptocurrency and how its perceived anonymity helps increase ransomware attacks, prompting more cybercriminals to get into the game.

However, taking a look at the larger picture of cyber security attacks, we see that some trends are emerging. For example, damage from cyber attack Enhanced 50% between 2018–2020, with a global loss of over $ 1 trillion. This is an unavoidable conclusion that speaks to the generality of the security vulnerabilities available for exploitation.

related: Report on Crypto Exchange Hack 2011–2020

The rise in cybercrimes is also driven by the availability of ready-made, off-the-shelf malware that is easily found on the dark web for low-skill people, but who still want to take advantage of free-money opportunities There are unsafe organizations. . Crucially, criminals continue to develop their own strategies to avoid defensive security tactics, techniques, and procedures (TTPs) to ensure that they remain profitable. If cryptocurrency is no longer a viable option for payment, attackers will almost certainly move towards a different payment approach. The idea that they will stop attacking these organizations without crypto defies credibility.

If you consider the “root cause” of these incidents, not the payment method used to reward criminals, it is the security gaps that enable them to breach the enterprise and, of course, the fact that there are criminals out there. Who are committing crimes.

Ransomware is in trend by itself (and within the Darkside attack), we always see it changing Modus operandi Proved. In the early days of ransomware, it was relatively chopped and dry: a cyber attacker finds a way into the enterprise – most often through a social engineering attack, such as a phishing email or insecure remote desktop protocol – and encrypting the victim’s files. Does. The victim pays the ransom through either wire transfer or crypto, and in most cases, obtains a decryption key, which usually (but not always) decrypts the files. Another option is that the victim chooses not to pay and either restores their files from backup or accepts the loss of their data.

Cyber ​​attack strategy

Around the end of 2019, more enterprises were prepared with backup strategies to meet these threats and refused to pay. Ransomware actors, such as the Maze ransomware group, have emerged, evolved and changed tactics. He began to extrapolate the data and extricate his victims: “Pay, or we will publicly publish sensitive data you have stolen.” This drove up the cost of the ransomware attack significantly, effectively turning it from a company issue to a notification event, searching for data, requiring even more legal counsel and public scrutiny, all the while surrounding the barriers to payment. Demonstrated the assailant’s determination to find. (Darkside, which is believed to have been the group behind the colonial pipeline attack, is an extortionist group.) Another trend, as reported above, is the increasing target of victims, who Find people who are able to pay more dollar amounts, as well as those who have data they would not like to see shared publicly.

Cyber ​​attackers will continue to develop their strategy as long as there is an individual or organization to attack; They have been doing this since the beginning of hacking. Before crypto and even cybercrime, we had left cash in a bag at night and wire transfers to criminals as an alternative to anonymous payment. They will continue to find ways to pay, and the benefits of crypto – financial freedom, censorship resistance, privacy and security for the individual – far outweigh the downside of its attractiveness to criminals, who may find its convenience attractive. Reversing crypto will not end crime.

Bridging every security gap in the enterprise can be difficult, even (potentially) impossible. But often, security fundamentals are left out, such as regular patching and security awareness training, which go a long way to reduce the risk of ransomware. Let’s keep our eyes on the target – the enterprise – not the prize – crypto. Or, we can blame the fiat currency for all the next financial crimes.

This article does not include investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making decisions.

The views, opinions and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointegraf.

Michael perklin ShapeShift has a Chief Information Security Officer, where he oversees all product, service and enterprise security practices, while ensuring that they follow or exceed industry best practices. With over a decade of experience in blockchain and crypto, he leads a team that ensures security best practices are employed using both cyber security and blockchain-specific methods. Perklin is president of the Cryptocurrency Certification Consortium (C4), has served on several industry boards, and is co-author of the Cryptocurrency Security Standard (CCSS), which is used by hundreds of global organizations.