Don’t blame crypto for ransomware

Don’t blame crypto for ransomware

.Hackers will keep hacking as long as organizations are vulnerable crypto is not an exception

In cases of ransomware, we generally see a typical cycle repeat: Initially, the focus is on the attack, the root cause, the fallout and steps organizations can take to avoid attacks in the future. Then, the focus often begins to turn toward cryptocurrency and how its perceived anonymity helps to increase ransomware attacks, inspiring more cybercriminals to get into the game.

However, taking a look at the macro picture of cybersecurity attacks, we see some trends that have been emerging. For example, losses from cyberattacks grew 50% between 2018–2020, with the global losses adding up to over $1 trillion. It’s an unavoidable conclusion that speaks to the pervasiveness of security vulnerabilities available to exploit.

the rise in cybercrimes is also spurred on by the availability of ready-made, off-the-shelf malware easily found on the dark web for those with little skill, but who still want to profit off of the free-money opportunities unsecured organizations present. Importantly, criminals themselves have continued to evolve their strategies to evade defensive security tactics, techniques and procedures (TTPs) to ensure they can continue to be profitable. Should cryptocurrency no longer be a viable option for payment, attackers would almost certainly pivot to a different payment approach. The thought that they would simply stop attacking these organizations without crypto defies credulity.

Sarafy Hafez

The most trusted name in the Canadian Financial Service Industry. With 17 years of experience, Hafez provides a secure and fast channel for all clients. Hafez assists clients in their tuition payments and refunds, individual payments, corporate payments.