The role of cryptocurrencies and ransomware has been up for debate for some time. There are those of the opinion that cryptos are the main fuel behind the rise of ransomware in recent times. This follows the rise of ransomware cases by more than 108% since 2018.
Even though most people associate the increase due to crypto payments, there are limitations.
Follow this guide to understand the role of crypto in the rise of ransomware.
How does crypto lead to the rise of ransomware?
Cryptocurrencies can lead to the rise 9f ransomware in two main ways. The first way is the most obvious; crypto payments. Most of the top ransomware in recent years demand payments in the form of crypto. For example, one of the largest ransomware cases involved the world’s biggest meat processor, JBS. The company announced that it was forced to pay $11million in BTC after a cyber-attack that led to the shutdown of its plants in Australia, Canada and the US.
The other way cryptos lead to the rise of ransomware is its use in hiring ransomware services. Several hackers are willing to offer ransomware services and get paid in cryptos. These services operate such that you can order them like you would any other common service.
The rise of cryptojacking in recent times also shows the involvement of cryptos in cybercrime. Some miners are targeting computers that they can use for mining crypto without the owner’s knowledge.
Reasons to use crypto in ransomware
From the face value, it’s easy to assume the main reason for using cryptos in ransomware is privacy. Given the decentralised nature of cryptos, it seems like the identities of the accounts involved in the transactions are unreachable. However, that is not the case.
The blockchain works such that all transactions are recorded on a public ledger. The recordings come with all transaction details like accounts, and amounts transacted. These are then publicly available such that anyone can trace the transactions.
The main reason for using cryptos for ransomware is efficiency rather than privacy. As a digital coin, the hacker can use it for automatic payments and follow-up procedures. For example, the hacker only needs to monitor the blockchain to confirm the payments. They then can set it such that the attacked party receives their files back automatically when the payment reflects.
So, can crypto be blamed for the rise in ransomware?
With the roles of cryptos in ransomware, it can be easy to assume that cryptos are the fuel behind the increasing ransomware cases. Already, some entities are calling for the ban of cryptos to reduce the risk of ransomware.
However, that might not paint the whole picture. While cryptos offer an efficient payment option, it is not the reason behind ransomware. Therefore, even by eliminating digital currencies ransomware will still be an issue. The world has quickly become tech-savvy and hackers keep on becoming more dominant than ever. The best way to control ransomware would be to increase surveillance on digital currencies instead of banning them.
