{"id":48608,"date":"2022-09-27T00:00:00","date_gmt":"2022-09-27T00:00:00","guid":{"rendered":"urn:uuid:d2742ea5-e050-1f3b-a6b1-c99205c5b54f"},"modified":"2022-09-27T00:00:00","modified_gmt":"2022-09-27T00:00:00","slug":"preventing-cryptocurrency-cyber-extortion","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/preventing-cryptocurrency-cyber-extortion\/","title":{"rendered":"Preventing Cryptocurrency Cyber Extortion"},"content":{"rendered":"

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High value and anonymity have made cryptocurrency the de facto currency for cybercriminals\u2014and made preventing cyber extortion top of mind for law enforcement and enterprises.<\/p>\n

Cybercriminals are looking beyond Bitcoin to stay hidden<\/span><\/p>\n

Researchers<\/a> have recently shown how address-linking techniques can be used to tie Bitcoin addresses back to unique individuals. That\u2019s called into question the fundamental value proposition of privacy that Bitcoin has staked its name on since its early days. Cybercriminals, already one step ahead, have started to shift to anonymity-based coins such as Monero<\/a>, which are much harder to trace. Several dark web marketplaces now use Monero exclusively.<\/p>\n

Matt Swenson, Division Chief at the Homeland Security Investigations (HSI) Cybercrime Center, explained on a recent #TrendTalksBizSec<\/a> episode that anonymous crypto coins seek to obfuscate any origination information that could be used to trace the transactions as they move across the ledger. This makes it impossible to determine the originating and destination addresses in a given transaction.<\/p>\n

While law enforcement agencies struggle with untraceable cryptocurrency transactions, enterprises threatened with cyber extortion demanding cryptocurrency need to protect themselves. Fortunately, there are defensive measures that can be taken.<\/p>\n

Thwarting cyber extortion<\/span><\/p>\n

Three recent attack types underscore why it\u2019s important for enterprises to take quick action to prevent cyber extortion via cryptocurrency.<\/p>\n

Ransomware and malicious apps<\/b><\/p>\n

Cryptocurrency has made it easy for cybercriminals to monetize ransomware attacks: it\u2019s effortless and instantaneous to demand payment in Bitcoin. But the growth of ransomware<\/a> is hardly the only concern to keep CISOs and enterprise security officers up at night.<\/p>\n

Fake or malicious apps<\/a> are increasingly problematic, as they can be used to harvest private keys or other sensitive cryptocurrency-related information. Looking into the future of the metaverse or crypto-monetized web<\/a>, other methods of stealing private keys and mnemonic phrases are likely to emerge.<\/p>\n

Of all the steps an enterprise can take to protect itself against the ever evolving and never-ending stream of malicious apps, implementing a zero trust strategy<\/a> is most critical. In the zero trust model, a \u201cnever trust, always verify\u201d principal is enforced by only granting permissions to users, devices, applications, or services once they are properly validated and continually reassessed.<\/p>\n

Cloud-based cryptocurrency-mining attacks<\/b><\/p>\n

Another recent trend<\/a> is the rise of exploits targeting cloud resources, specifically CPU power, to mine cryptocurrency. The cost of a cloud-based cryptocurrency-mining attack can be US $130 per month for a single machine, according to Trend Micro estimates.<\/p>\n

With the ability to instantaneously spin up new instances and the fact that most enterprises rely on multiple clouds, organizations could see a huge spike in resource consumption and related costs if such malicious uses were to go on undetected. Any organization that does find illicit cryptocurrency-mining on its resources should take it as a warning sign that their cloud infrastructure may be vulnerable to other kinds of attacks.<\/p>\n

Read More HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Highly destructive cybercrime is on the rise, and most of it is being funded with anonymous cryptocurrency. Discover cryptocurrency trends and how enterprises can enhance their cybersecurity posture to prevent cyber extortion. Read More HERE…<\/p>\n","protected":false},"author":2,"featured_media":48609,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[61],"tags":[9528,9549,10206,9550,9527,9529],"class_list":["post-48608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trendmicro","tag-trend-micro-ciso-article","tag-trend-micro-ciso-cloud","tag-trend-micro-ciso-cybersecurity-awareness-month","tag-trend-micro-ciso-detection-and-response","tag-trend-micro-ciso-expert-perspective","tag-trend-micro-ciso-risk-management"],"yoast_head":"\nPreventing Cryptocurrency Cyber Extortion 2026 | ThreatsHub Cybersecurity News<\/title>\n<meta name=\"description\" content=\"ThreatsHub Cybersecurity News | ThreatsHub.org | Cloud Security & Cyber Threats Analysis Hub. 100% Free OSINT Threat Intelligent and Cybersecurity News.\" \/>\n<meta name=\"robots\" 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