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Rise in Ransomware Attacks due to Crypto

As stated by the trusted reports, there has been a Rise in ransomware attacks owing to the rising investments in cryptocurrency, which is closely connected to it, as stated by the CEO of FireEye, Kevin Mandia.

The cybersecurity firm executive stated that there is a direct relation between the two as when one looks at the Rise of ransomware, it is in alignment with the Rise of several digital currencies. He further added that cryptocurrency is an enabler that can be broken anonymously and be paid. The crime can be accomplished from anywhere, in a place that is 10,000 miles away in a safe place.

Mandia stated that even though there is an increase in awareness regarding the cybersecurity issues, after the occurrence of incidences such as the Colonial Pipeline hack, the risk of being attacked and the challenge remains in trying to prevent every single attack.He further mentioned that we are secure and protected in the current times in a better way as compared to before, but it has come to a conclusion that we are just playing a goalie.

He further added that there are large numbers of ways to still be hacked without the risk of getting caught by the people who are carrying this out. He stated that it is not possible to play successful defense every coming day.The company had to pay USD 5 million ransom after its IT network was hacked. However, a chunk of it was recovered due to the bitcoin used in the payment.

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