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Don’t blame crypto for ransomware

CryptocurrencyMay 30, 2021 08:40AM ET
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Don’t blame crypto for ransomware

Recently, gas has been a hot topic in the news. In the crypto media, it’s been about Ethereum miner’s fees. In the mainstream media, it’s been about good old-fashioned gasoline, including a short-term lack thereof along the East Coast, thanks to an alleged DarkSide ransomware attack on the Colonial Pipeline system, which provides 45% of the East Coast’s supply of diesel, gasoline and jet fuel.

In cases of ransomware, we generally see a typical cycle repeat: Initially, the focus is on the attack, the root cause, the fallout and steps organizations can take to avoid attacks in the future. Then, the focus often begins to turn toward cryptocurrency and how its perceived anonymity helps to increase ransomware attacks, inspiring more cybercriminals to get into the game.

Michael Perklin is the chief information security officer at ShapeShift, where he oversees all product, service and enterprise security practices while ensuring they adhere to or exceed industry best practices. With over a decade of experience in blockchain and crypto, he leads a team that ensures security best practices are employed using both cybersecurity and blockchain-specific methodologies. Perklin is the president of the CryptoCurrency Certification Consortium (C4), has served on multiple industry boards, and is a co-author of the CryptoCurrency Security Standard (CCSS), which is used by hundreds of global organizations.

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Don’t blame crypto for ransomware
 

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