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Cryptocurrency-related cyberattacks increased by 192%, finds report

As the value of bitcoin increased by nearly 400 per cent, cryptocurrency-related e mail compromise assaults increased by 192 per cent between October 2020 and May 2021, a report mentioned on Tuesday.

According to cloud-enabled safety options supplier Barracuda Networks, cybercriminals are profiting from the alternatives this creates for them to trick potential victims and enhance the earnings they will make from their assaults.

“The digital format of cryptocurrencies make them decentralised in nature and without any regulations, they have become the currency of choice for cybercriminals,” Murali Urs, Country Manager, Barracuda Networks-India, mentioned in a press release.

“It fuelled and enabled a multi-billion economy of ransomware, cyber-extortion and impersonation. These attacks are targeting not just private businesses, but also critical infrastructure, so they increasingly pose a national security risk,” Urs added.

Urs additionally mentioned that the current high-profile assaults on organisations like Colonial Pipeline and JBS within the US are prone to convey better curiosity within the authorities’s intervention and regulation of bitcoin.

Hackers use bitcoin to receives a commission in extortion assaults the place they declare to have a compromising video or data that can be launched to the general public if the sufferer doesn’t pay to maintain it quiet.

While this scheme has been round for a while, as the value of bitcoin climbed, cybercriminals began together with it as a part of their business e mail compromise assaults impersonating staff inside a corporation.

They goal and personalize these emails to get their victims to buy bitcoin, donate them to faux charities, and even pay a faux vendor bill utilizing cryptocurrency.

Due to the fast development within the perceived worth of bitcoin, ransomware assaults have additionally turn out to be extra damaging than ever.

In 2019, ransom calls for ranged from a number of thousand {dollars} to $2 million on the high finish. By mid-2021 most calls for had been within the hundreds of thousands, with a big quantity over $20 million.

–IANS

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(Only the headline and film of this report could have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)

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