Big enterprises like health insurer Medibank are falling prey to ransomware, and a general pattern has been observed related to cryptocurrency exchanges. While earlier, the demanded ransom used to be fiat money.
However, now ransom is being demanded in digital currency. Its beginning was seen as a notable crime in the year 2014 when Mt. Gox had to pay a ransom of 850,000 bitcoins that they had to pay to keep their data safe.
If you are wondering why they are switching to crypto, the simple explanation is mainly the ease of exchange. The gangs had to deal in person with the traditional suitcase trade-off to exchange the ransom. The anonymity of crypto exchange simply through an online network has made it somewhat more accessible for the gangs to operate without worrying about getting caught in the process.
Well, the surprising part is yet to come because it’s not just the use of cryptocurrency; it’s the working setup of these hackers. Traditionally, hackers worked as sole hidden workers somewhere in the basement who had to keep their identities well hidden and confined in those walls.
Whereas now, the new way of working is more like a hacking organization. These working gangs are now operational more like traditional organizations and offices that you see working in broad daylight.
Now they are not confined to the four basement walls, and they are working in proper offices. So, just like we have the operational franchise of normal working areas, we can find hackers’ offices like normal ones, yet they tend to be untraceable.
With these changes in the forms of ransom trading, the hackers are making it quite more complex for the victim companies to detect, and they are trying to find varying ways to overcome these tactics used by hackers.
Still, they get into the theft scene owing to some other loophole. However, there is some kind of blanket approach that these companies can adopt to stay in a safe cover. These can be different tactics that they can consider as a safe approach or precaution to keep the hackers out of the system.
Blockchain technology’s digital footprints and security are helpful in this aspect. However, while the security aspects of digital currency are pretty distinct, its potential to become a threat to an organization’s security worldwide still stands as a common concern that needs to be taken care of.
Not just in a particular state, but security regulations are needed to be brought into action everywhere, including cyber crimes related to both; cryptocurrency and fiat money because hackers tend to tamper with data and ask for both forms of money as ransom.