According to a recent study, ransomware attackers have developed in their firms such sophistication in both the level of operation and the level of extortion.
According to a study published in the Social Science Research Network, cryptocurrencies can improve and disrupt financial systems by offering cheap, expedient and secure means of transfer of value. However, they also open up new payment channels for cybercrimes, of which ransomware attacks, money laundering activities and various crypto-based scams have increased recently.
cyber crime rise
The study highlights that a certain methodology has diverged among cybercriminals involved with cryptocurrencies. In one instance, hackers exploit vulnerabilities in either centralized organizations such as crypto-exchanges or decentralized algorithms, then abscond with illegally obtained funds. In another, traditional cybercriminal activities are now reinforced with a new payment channel using new technology.
The study specifically focused on the latter, conducting the first detailed anatomy of crypto-enabled cybercrimes by collecting a diverse set of public, proprietary and hand-collected data, including dark web conversations in Russian. . The analysis revealed that “some organized ransomware gangs dominate the space and have evolved into sophisticated firm-like operations with physical offices, franchising and affiliation programs.”
ransomware gang
According to a recent report by Chainalysis, ransomware attack has become the biggest cyber crime to collect millions of dollars in the last year. However, the number of attacks is underestimated, as victims such as large corporations often try to avoid disclosure which could trigger negative market reactions. Yet, as the number of ransomware attacks increase, so have their operations, as the study detailed.
The study goes on to detail how these techniques have become even more invasive over time, involving multiple layers of extortion, then requiring further reputable management. Apart from holding sensitive data hostage, since 2019 ransomware gangs have started threatening to leak it. According to the study, the game of double extortion proved to be an effective means to increase the revenue of the gang. The leak of sensitive data also attracted supporters, giving the gang additional prestige gains.
Now, a triple extortion game has emerged, “using affiliated journalists to spread the threat, as well as threatening the victim to expose data to stockholders, business partners, and employees and customers.” To effectively employ the new strategy, ransomware gangs run “sophisticated business-like operations, such as maintaining call centers for victims’ stakeholders and operators to research victims’ business.”
According to the analysis, gangs that have developed such a professional approach to cybercrime include Conti, Reville, Maze and Darkside. Although the study ultimately proposed that broad restrictions on the use of cryptocurrency could prove ineffective and hinder innovation, it concluded that “blockchain transparency and digital footprint are effective in tracking, monitoring and closing down cybercriminal organizations.” to enable effective forensics.”
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