The rise in crypto might lead to an increase in Ransomeware attacks

  • According to FireEye CEO Kevin Mandia, who talked to CNBC on Monday, the surge in ransomware attacks is connected to the emergence of cryptocurrency
  • We are more protected today than we have ever been before. However, as far as we can tell, we’re just pretending to be goalkeepers
  • Crypto provides a step-level function upgrade over the existing financial system in terms of traceability, according to Haun, who now serves on the board of crypto exchange Coinbase

The rise in ransomware assaults is linked to the rise of cryptocurrencies, according to FireEye CEO Kevin Mandia, who spoke to CNBC on Monday. On Closing Bell, a cybersecurity firm executive stated that there is a direct link. When you look at the development of ransomware, you’ll notice that it coincides perfectly with the emergence of anonymous digital currency. It’s undeniably an enabler that you can break in and get paid anonymously, and now you can conduct crime from a safe harbor 10,000 miles away. Mandia threw in her two cents. While awareness of cybersecurity concerns is at an all-time high following a number of high-profile events such as the Colonial Pipeline breach, Mandia stated that stopping every single assault remains a struggle.

Today, we are better protected than we have ever been. But, as far as we can tell, we’re simply playing goalkeeper. There are an infinite number of ways to hack us, with no risks or consequences for those who do so, according to Mandia. As a result, we will observe successful incursions over time. We can’t play successful defense every day. 

Mandia stated that just prohibiting ransomware payments isn’t enough, citing the Colonial Pipeline incident last month as an example. After its IT network was hacked, the firm paid a $5 million ransom, however, US law enforcement was able to retrieve a portion of the bitcoin used in the payment. We must examine all diplomatic means to support the ultimate objective, which is, quite simply, to ensure that people who take advantage of cyberspace and the anonymity it provides face costs, he added.

Not everyone agrees with Mandia’s assertion that cyberattacks and cryptocurrencies are linked. Last week, Katie Haun, a partner at venture capital company Andreessen Horowitz who invests in crypto start-ups, told CNBC that she believes bitcoin is beneficial for criminal activities. 

According to Haun, who is also a former federal prosecutor who has investigated cybercrimes using cryptocurrencies, we see investigators and prosecutors solving cases where crypto was utilized as the tool of choice by criminals. According to Haun, who currently serves on the board of crypto exchange Coinbase, crypto represents a step-level function enhancement over the existing financial system in terms of traceability. 

How can it possibly be? people often ask. Isn’t crypto supposed to be anonymous? The truth is that when crypto is utilized for illegal purposes, it vanishes. digital breadcrumbs and he can tell you that he has utilized blockchain technology to solve crimes personally.

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