We all recall the crippling ransomware attack by WannaCry in May 2017 that hit organizations around the globe. At almost 3 600 computers per hour, or around 1 per second, the attack spread. When all was told and done, more than 300,000 ransomware computers were compromised.
Many people paid the ransom simply to restore their locked files. This only promotes the actors at risk and does not ensure that stolen data are safely returned. A safer approach is first of all to stop attacks such as WannaCry by patches and the upgrade of all applications and systems. Certainly, security officials should also advise users to build strong and complex passwords, to use authentication multi-factor, back up sensitive data and avoid clicking on suspicious links via email , SMS, and social media.
These best practices for protection will help limit the threat of ransomware. But what if a single stop would enable analysts to identify the root cause of an attack ?
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The Bitcoin Buck Stops Here :
Bitcoin is the secret. Most operators of ransomware need digital currency payment. For instance, WannaCry collected a bitcoin worth more than $93,000.
Because of Bitcoin's anonymous existence, transactions are completely beyond the remit of security and police forces.
However, the proverbial coin has another hand. Bitcoin conversions are conducted in a decentralised, open and traceable registry called a blockchain.
Security researchers will use blockchain technology to trace bitcoin transactions back to the root cause and threat actors behind a ransomware attack since all operations carried out and documents preserved would be accessible to everyone.
Blockchain also establishes cyber criminals' obstacles. To use extortionate bitcoins, scammers must switch to a third party address, probably a bitcoin record or a wallet, where a flat currency exchange is done by service providers.
These providers may recognise Bitcoin addresses linked to ransomware campaigns and warn cybersecurity experts quickly.
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Blockchain Is Worth the Investment :
Obviously, cyber-crimes would more likely create systems that render tracing bitcoin transactions harder for researchers, but increased investment in blockchain will benefit organizations.
When a ransomware attack such as WannaCry has been widespread, the economic burden for blockchain tracing is inversely proportionate to the harm caused to individual victims and organisations concerned. So what do you expect ?
Begin to use blockchain technology transparency today to classify threats to ransomware.
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