Prevent Cryptocurrency Cyber Extortion

Cybersecurity Awareness Month 2022 Series

To solve crime, the old saying still holds: “Follow the money.” But how do you do that for cybercrimes when the money itself is virtually untraceable as is the case with cryptocurrency?

Cybercriminals have shifted away to Bitcoin, which can be tied back to unique individuals, to anonymity-based coins such as Monero. Several dark web marketplaces now use Monero exclusively.

On a recent #TrendTalksBizSec episode, Matt Swenson, Division Chief of the Homeland Security Investigations (HSI) Cybercrime Center, discussed that anonymous crypto coins could be used to track transactions as they travel across the ledger. This makes it impossible to determine the originating and destination addresses in a given transaction.

Enterprises threatened with cyber extortion demanding cryptocurrency need to protect their business. We explored three recent cyber attack types and how enterprises can take quick action to prevent cyber blackmail.

Thwarting cyber extortion

Cyber Attack #1: Ransomware and malicious apps

The growth of ransomware is directly correlated to the rise in cryptocurrency. It’s effortless and instantaneous to request a ransom demand payment in Bitcoin rather than arrange a covert cash drop in exchange for stolen data. But a ransomware attack is hardly the only concern to keep CISOs and enterprise security officers up at night.

Fake or malicious apps are increasingly problematic, as they can be used to harvest private keys, personal information, or other sensitive cryptocurrency-related information. These attacks are designed to bait users into buying paid services or

Read more

Explore the site

More from the blog

Latest News