The three types of attacks that are relevant now indicate that it is important for businesses to take quick measures to prevent cyber extortion using cryptocurrency.
Ransomware and malicious applications
Cryptocurrency has made it easier for cybercriminals to monetize ransomware attacks: hackers can now receive instant and fast payment in bitcoins. However, the increase in the number of ransomware programs is far from the only problem that prevents CISO and employees of information security enterprises from sleeping at night. Fake or malicious applications are becoming increasingly dangerous because they can be used to collect private keys or other confidential information related to cryptocurrency. Looking into the future of the cryptomonetized network, experts say that other methods of stealing private keys and mnemonic phrases are likely to appear. Of all the steps that an enterprise can take to protect itself from an ever-evolving and never-ending stream of malicious applications, the implementation of the Zero Trust strategy is the most effective. The zero–trust model is based on the principle: “Never trust, always check” – only after a thorough check does the computer grant permissions to users, devices, applications or services.
Attacks on cloud mining of cryptocurrencies
Another new trend is the growth of exploits aimed at cloud resources for cryptocurrency mining, in particular, processor power. According to Trend Micro estimates, the cost of an attack on cloud mining of cryptocurrencies can cost $ 130 per month for one machine. Due to the possibility of instant deployment of new mining and the use of multiple cloud resources, enterprises face a significant increase in costs if malicious interference goes unnoticed. Any organization that discovers illegal mining of cryptocurrencies on its resources should take this as a warning that their cloud infrastructure may be vulnerable to other types of attacks. Constant checks and visibility are necessary to ensure the correct configuration of the cloud infrastructure and its compliance with all security requirements.
They include:
Real-time monitoring of the entire cloud infrastructure
Automatic verification of compliance with the recommendations for configuring the cloud infrastructure
Continuous checks for compliance with safety standards
Reporting
Step-by-step vulnerability correction
Monitoring and protection help automate proactive vulnerability prevention and ensure the security of the cloud infrastructure.
Cryptocurrency Fraud
The popularity of cryptocurrencies provides cybercriminals with many opportunities, which, in turn, leads to an increase in fraud associated with its use. At the beginning of 2022, Trend Micro was able to find 249 fake cryptocurrency wallets for Android and iOS. They were used to steal more than 4.3 million US dollars, relying on the fact that transactions with cryptocurrencies are irreversible. Businesses need to take the initiative in dealing with these types of threats to prevent cyber-extortion. Email security is especially important because this service is often used for fraudulent activities. According to the Trend Micro Cloud App Security Threat report, 74.1% of all threats are related to email vulnerabilities. It is worth adding that the compromise of business email (BEC) is among the main incidents that lead to business losses. Email compromise does not involve sending malicious links or attachments, so fraudsters are able to bypass traditional security solutions. Employee training, process improvements and constant monitoring contribute to reducing the level of threats. These processes are extremely effective in combination with the use of multi-level messaging security technology, which uses artificial intelligence, machine learning and behavioral analysis to protect against cybercriminals.
Cryptocurrency Security Needs a Coordinated and unified Response from Companies
Enterprises should use a single cybersecurity platform that can provide full visibility, detection and response throughout the attack lifecycle. However, solving a larger problem, such as global cyber-extortion, requires coordinated actions not only within the enterprise. The proof of this is the fate of Silk Road. Despite its rapid rise and incredible success, the anonymous marketplace was closed by the FBI in 2013, and its creator was arrested and later convicted. Federal agents acknowledged that the use of bitcoin and Tor to hide addresses was a serious obstacle in the investigation, but various organizations came to the rescue. They reported incidents to law enforcement agencies. By combining common efforts with a single cybersecurity platform, enterprises can strengthen their positions and protect themselves from the harm caused by cyber-extortion.