![]() Cryptocurrency plays a role in that because it is a very easy mechanism that exists today for monetisation.”Ĭryptocurrency is like gasoline on a fire that was already burning. “It was there already, but now look at the size of the flame. “Cryptocurrency is like gasoline on a fire that was already burning,” he says. Recent examples include the Colonial Pipeline and JBS attacks in the US.Ĭryptocurrency should not be thought of as the cause or instigator of these ransomware attacks, but rather the catalyst for their sudden spurt in growth, Biasini says. In 2021 ransomware has evolved from these humble beginnings into what has been termed ransomware 2.0, or corporate ransomware, with large-scale attacks carried out by organised criminal gangs and targeting corporations, national infrastructure, software providers and their supply chains. “When it originally started, it was designed to just affect random users, like most other malware threats,” says Biasini. Much of the malware being used at this time was scattergun, targeting as many random users as it could to maximise the amount of money to be made. (Photo by PixieMe/Shutterstock)īut the early ransomware attacks long predate cryptocurrency – the first recorded is thought to have taken place in 1989 – and the rise of Bitcoin and its competitors have simply fuelled the growing trend. A report released earlier this year by the US-based Ransomware Task Force, a coalition of cybersecurity experts from across government, law enforcement and the private sector, states: “The explosion of ransomware as a lucrative criminal enterprise has been closely tied to the rise of Bitcoin and other cryptocurrencies, which use distributed ledgers, such as blockchain, to track transactions.” Ransomware criminals often demand payment in cryptocurrencies such as Bitcoin or Ethereum. ![]() The cybersecurity community has increasingly been highlighting cryptocurrencies as a major enabler of ransomware attacks. Though the anonymous nature of cryptocurrency makes it an obvious way for criminals to obtain and hide funds, tighter regulation or a ban on blockchain-based currencies is unlikely to stem the tide of attacks, experts told Tech Monitor. ![]() Ransomware and cryptocurrencies appear intrinsically linked, with the perpetrators of attacks almost always demanding a ransom be paid in Bitcoin or another digital currency. ![]()
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