Last year, ransomware victims paid more than $406 million in cryptocurrency to attackers, according to blockchain trackers Chainanalysis Inc. The actual number may be even higher since many victims chose not to report the attacks to avoid public embarrassment. At the same time, cybercriminals have adopted cryptocurrencies as their preferred payment method because it is easy to execute. That creates a vicious cycle that fuels these criminal activities.
Cyber extortionists are exploiting the very anonymity that’s integrated into the digital ledger system known as blockchain, the foundation of Bitcoin and other digital currencies, as they escalate ongoing malicious ransomware attacks against companies, local governments, schools, and hospitals. This trend is likely to continue well into the future.
IN THE CROSSHAIRS
Ransomware attacks are increasing in frequency, severity, and size, and we don’t see this trend going away any time soon. In fact, the average known ransomware payment more than quadrupled from $12,000 in the last quarter of 2019 to $54,000 in the first quarter of this year, according to Chainanlysis. And the nefarious industry is flourishing, with businesses…
