Ransomware Attackers Use Cryptocurrencies and RaaS to Get Rich

Ransomware is malware, which uses encryption over victims’ information stored on the computer system and then asks them to pay money for decrypting that information. The first ransomware was AIDS Trojan, which was used to attack computer systems in 1989.

Since 1989, we have seen many ransomware attacks. However, the pace of these ransomware attacks has been increasing rapidly in recent times. Part of the rise in the frequency of ransomware attacks is the presence of cryptocurrency for payments. Nowadays, hackers can ask for ransom in cryptos and then simply disappear as cryptocurrency transactions are tough to track.

Ransomware activities related to cryptocurrencies have been on the rise since 2021. As per Chainalysis, ransomware payments have grown 5x within 2 years.

Another report by Sophos revealed that ransomware attacks fueled by cryptocurrency are planned and sophisticated. There is even a ransomware community called DarkSide that provides malicious software as RaaS (Ransomware as a service). Cybercriminals lease the services from groups such as DarkSide and then use them against unsuspecting people. Once they compromise files with ransomware, they demand payment in cryptocurrency.

In the past, ransomware attacks were few because people initiating these hacks were the creators of ransomware. But due to the spread of ransomware software among low-skilled criminals, there is a sudden rise in the number of attackers demanding payments in cryptocurrency.

As cryptocurrency transactions are harder to track, the attackers demand ransom in cryptos. Once the transaction is done, it becomes nearly impossible to find the criminals. 

The average ransomware payment size in 2019 was $25k. In 2020, it reached $88,000. And as per the latest analysis in 2021, it was calculated to be $118,000.

One of the biggest reasons for the sudden jump in average ransom payment size is the use of Phoenix CryptoLocker – extremely malicious ransomware.

Conclusion

Due to the rise of ransomware attacks, the situation has become complicated for cyber police. In the wake of these attacks, companies are trying to build better ransomware protection solutions but to no avail. Moreover, the number of attacks has increased dramatically because ransomware software is now being leased on RaaS platforms. Therefore, the experts have advised people to proactively scan the files received via emails/links and follow the best security practices.

Also Read: 10 Cybersecurity threats to be prepared for in 2022

Join our Telegram channel:

Disclaimer

Any references including blog post and web stories on this website are an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. AnalyticsLord.com can't be held liable for any financial loss.

Leave a Comment