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Cyberattacks using ransomware are increasing in frequency, and ransom payments made to the hackers are swelling as well. Cryptocurrency and the exchanges where digital currency can be traded anonymously have emerged as key tools for the cyber extortionists. The vast sums being paid by corporations to regain control of their computers would have been near-impossible to move in any other legitimate currency market, experts say.
How is crypto used in cybercrime?
A typical ransomware attack on a company or organisation might proceed like this: Executives realise their business website is down or systems inaccessible, and administrator overrides don’t work. A ransom demand arrives via email, providing a Bitcoin address where the payment must go if the company wants its systems operational again, along with a deadline. The victim calls up the Bitcoin address, which is 26 to 34 characters in length, when signing onto a cryptocurrency exchange to make the deposit.
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Explained: How cryptocurrency turbocharged the cybercrime racket.
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