![]() ![]() Looking into the future of the metaverse or crypto-monetized web, other methods of stealing private keys and mnemonic phrases are likely to emerge. But the growth of ransomware is hardly the only concern to keep CISOs and enterprise security officers up at night.įake or malicious apps are increasingly problematic, as they can be used to harvest private keys or other sensitive cryptocurrency-related information. Three recent attack types underscore why it’s important for enterprises to take quick action to prevent cyber extortion via cryptocurrency.Ĭryptocurrency has made it easy for cybercriminals to monetize ransomware attacks: it’s effortless and instantaneous to demand payment in Bitcoin. Fortunately, there are defensive measures that can be taken. While law enforcement agencies struggle with untraceable cryptocurrency transactions, enterprises threatened with cyber extortion demanding cryptocurrency need to protect themselves. This makes it impossible to determine the originating and destination addresses in a given transaction. Matt Swenson, Division Chief at the Homeland Security Investigations (HSI) Cybercrime Center, explained on a recent #TrendTalksBizSec episode that anonymous crypto coins seek to obfuscate any origination information that could be used to trace the transactions as they move across the ledger. Several dark web marketplaces now use Monero exclusively. Cybercriminals, already one step ahead, have started to shift to anonymity-based coins such as Monero, which are much harder to trace. ![]() That’s called into question the fundamental value proposition of privacy that Bitcoin has staked its name on since its early days. Researchers have recently shown how address-linking techniques can be used to tie Bitcoin addresses back to unique individuals. High value and anonymity have made cryptocurrency the de facto currency for cybercriminals-and made preventing cyber extortion top of mind for law enforcement and enterprises.Ĭybercriminals are looking beyond Bitcoin to stay hidden Even though it has dropped since, the value of a Bitcoin was still sitting at just under US $23,000 in June 2022. Ten years later, Bitcoin reached an all-time high of more than US $68,000. In February 2011, when Silk Road launched, a single Bitcoin was worth less than US $1. Many other darknet markets have emerged since then and the value of cryptocurrency has exploded, even with recent and well-publicized corrections. Its success, and the challenges it posed for law enforcement, put the need for preventing cyber crime that uses cryptocurrency on the map. Silk Road used a Tor network to protect user privacy, with Bitcoin cryptocurrency and dark wallets to encrypt and mask transactions. Over a decade ago, Silk Road-widely regarded as the first darknet market-launched to anonymously connect buyers and sellers of illegal drugs. To solve crime, the old saying still holds: “Follow the money.” But how do you do that for cybercrimes when the money itself is decentralized and anonymous-as is the case with cryptocurrency? In today’s threat environment, it’s becoming increasingly crucial for enterprises to boost their cybersecurity maturity. #Trend micro nac seriesCybersecurity Awareness Month 2022 Series ![]()
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