Threat Intelligence to Counter Crypto Cyber Attacks 2022 | Hackers Mine Bitcoin (BTC) & Deploy Ransomware For Monero

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Web 3 brings decentralization and user autonomy to the table. The two most prevalent technologies employed by web 3 are Artificial Intelligence and Big Data analysis. With the amount of personal data available on the internet, privacy and security are the biggest concerns plaguing blockchains, organizations and governments alike. A hacker may obtain unauthorized access to wallets by exploiting loopholes in smart contracts. Because the owner of the address cannot be determined, the loss incurred cannot be recovered.

Cyber-attackers use ransomware to extract payment from governments

Cryptocurrency is a tool for achieving a specific goal. Eliminating cryptocurrency would not eliminate ransomware. There is a misconception that cryptocurrency is anonymous and irreversible. As a matter of fact, the blockchain technology underlying cryptocurrency is essentially an open ledger that provides transparency into transactions.

These transactions can be tracked by law enforcement, and some agencies have seized ransomware payments made using cryptocurrency. However, in the crypto markets, specific acts that would be illegal in traditional markets have not been regulated. Cyber criminals usually prefer their payments in Monero which is infamously hard to track.

Since cyber criminals tend to follow the path of least resistance, agencies and municipalities should focus first on cyber hygiene and protecting their most valuable assets. Profitability is another factor that encourages ransomware. We will continue to see ransomware proliferate as long as organizations pay or do not improve their cyber hygiene.

Threat actors hijack resources from organizations for mining cryptocurrency

Mining is the process by which new bitcoins are entered into circulation and transactions are confirmed. It uses hardware to solve complex computations, and it is an integral part of the blockchain. Bad actors steal compute resources from unsuspecting organizations to run large machines and mine for bitcoins.

To harden their environments, organizations should use enhanced detection and response software, look for unfamiliar processes, and keep endpoints updated. Detecting bad actors in the cloud can be challenging because their activities are similar to your developers’ – they’re spinning up resources. The key is spotting abnormal patterns.
Apart from implementing standard security controls, governments should also establish thresholds at which certain types of resources must be approved.

Threat Intelligence & Vulnerability Management to secure cloud services from threats

Organizations must remain vigilant. To secure their information, they should understand and verify via regular audits the security processes that cloud service providers (CSPs) follow. The best cloud service providers stay ahead of threats by constantly gathering and analyzing threat intelligence, conducting threat vulnerability management processes, conducting red team exercises, and sharing threat landscape information with other CSPs.

It is also important for agencies to understand their roles and responsibilities within the shared responsibility model of the cloud services they are utilizing. Organizations can take advantage of tools provided by cloud providers to reduce risks, but agencies must enable and use these tools to do so. Finally, they should always encourage their providers to be as transparent as possible, both in terms of the compliance documentation they provide and in their investigations and root causes analyses when there is an incident.

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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.

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