Bitcoin is cheaper, which is good news for ransomware victims

The price of bitcoin has been falling for almost 6 months. The news isn’t popular in the cryptocurrency industry, but it could be a boon to cybersecurity specialists.

We have known this for a few years now: ransomware is the most widespread cyber attack. In the first six months of 2022 alone, researchers at SonicWall, a company specializing in cybersecurity, listed no less than 236.1 million ransomware attack attempts.

However, this impressive figure is not a record, and is even a 23% drop compared to the data that had been detected in the same period of 2021. And the cause, according to the researchers, would be the drop in the price of bitcoin.

The price of bitcoin also has an impact on cyber attacks. // Source: Kanchanara / Unsplash

Ransomware would be less profitable

Ransomware, also known as ransomware, is a malicious program that blocks infected devices and encrypts all data stored on them. They can affect everyone, the computer equipment of hospitals or those of La Poste, the computers of large universities as well as those of private individuals. For victims, companies and individuals, the only way to find them is, very often, to pay a ransom, in most cases, in cryptocurrencies.

Cryptocurrencies are widely used by cybercriminals for several reasons: they are anonymous, they are not dependent on banks, and transactions are immediate. Additionally, hackers can also use mixer protocols to enhance their anonymity and ensure they are not identified. Bitcoin and other digital assets therefore have many advantages for cybercriminals, except that their prices are plummeting right now, so taking advantage of ransomware would no longer be as profitable.

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The number of ransomware is decreasing. // Source: Canva

Between January and June 2022, the price of bitcoin fell from $ 46,000 to $ 17,000, a decline that brought with it the prices of all other cryptocurrencies. The researchers concluded that this recession partly repelled cybercriminals, who favored attacks other than ransom. It is entirely possible that a sharp rise in bitcoin prices will encourage the resumption of ransomware attacks.

Sonic Wall indicates that the price of bitcoin ” it has regularly served as an indicator of the amount of ransomware attacks », Even if other variables are taken into consideration. The Sonic Wall report also talks about improving device security, or even stepping up the police force’s fight against cybercrime to explain this sudden drop. In 2021, the gigantic attack on the Colonial Pipeline in the United States prompted the FBI to form a team specializing in fighting ransomware.

Ransomware, however, is only a fraction of all cyber attacks, and unfortunately, Sonic Wall reveals that the total number of attacks recorded since the beginning of the year has increased by 11%. A statistic that shows how it is necessary, more than ever, to have good digital hygiene.

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Source: TM and Fox

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