• Due to the growing popularity of Bitcoin, the number of crypto-related email attacks has increased by 192%, with ransom demands totaling more than $20 million

  • The rise of crypto-related cyberattacks has coincided with the rise in crypto-related hype. Cybercriminals are attempting to deceive potential victims in order to generate money as the Bitcoin price has risen since September of last year, piqued the interest of worldwide investors. According to global cloud security solutions business Barracuda, crypto-related email compromise threats surged by 192 percent from October 2020 to May 2021. According to Barracuda experts, the rising price of bitcoin has resulted in an increase in the number of cryptocurrency-related attacks. Cryptocurrencies, particularly Bitcoin, have progressively gained popularity in the mainstream financial sector as a means of sending and receiving payments. Yet, before last year, this was not the case to a large extent. Companies experimenting with Bitcoin, such as Tesla, MicroStrategy, Visa, PayPal, Square, JPMorgan, and others, have driven up the price and value of the digital currency. “Bitcoin’s price surged by about 400% between October 2020 and April 2021, fueled by the chaos around it. Cyberattacks were shortly followed by impersonation attacks, resulting in a 192% increase in revenue, according to the business. According to the updated India data released by Microsoft in July 2020 of its Security Endpoint Threat Report 2019, India was among the countries with the largest bitcoin mining encounters and drive-by download attacks during the year. Although India’s crypto mining encounter rate decreased by 35% from 2018, it was still 4.6 times greater than the regional and global average. After Sri Lanka, India has the second-highest encounter rate in Asia Pacific. “Because of their digital format, cryptocurrencies are decentralized and unregulated, making them the money of choice for cybercriminals. It fuelled and facilitated a multibillion-dollar cyber-extortion, ransomware, and impersonation market. These attacks are increasingly posing a national security danger, as they target not just private enterprises but also essential infrastructure, according to Murali Urs, Country Manager, Barracuda Networks-India. According to Barracuda, hackers utilize Bitcoin to get paid in extortion attempts in which they claim to have a compromising video or information that will be released to the public unless the victim pays to keep it quiet. While this method has been around for a while, as Bitcoin’s worth rose, fraudsters began to use it in their corporate email breach attempts impersonating personnel within an organization. Hackers target and customise such emails in order to persuade recipients to buy Bitcoin, donate to fictitious charities, or pay a fictitious vendor invoice with cryptocurrency. Attackers prey on users’ sense of urgency by using phrases like “urgent today” or “before the day runs out”, as well as requests to pay for a phony “charity donation.” In 2019, crypto-related ransom demands varied from a few thousand dollars to $2 million, according to Barracuda, but by mid-2021, most demands were in the According to Barracuda, enterprises should use a WAF-as-a-Service or WAAP solution to secure their online applications, which includes bot mitigation, DDoS prevention, API security, and credential stuffing protection. Whether the files are on physical devices, virtual environments, or the public cloud, a cloud backup solution can minimize downtime, prevent data loss, and restore systems rapidly during a ransomware attack.

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