Unregulated Cryptocurrency Is Causing Ransomware Attacks Globally.

A report by cybersecurity firm Sophos revealed that ransomware, fueled by cryptocurrency, was involved in 79 percent of the global cybersecurity incidents in the last 18 months. The Conti and REvil ransomware attacks were on top of the list, notes Sophos. Further, the security firm says that cryptocurrency will continue to fuel cybercrimes such as ransomware and malicious cryptomining.

Sophos expects the trend will continue until global cryptocurrencies are better regulated. The company notes that Ransomware has staked its claim as a major element of the cybercriminal ecosystem. “As we move into 2022, ransomware shows no sign of slowing down, though its business model has gone through some changes that seem likely to persist and even grow over the coming years,” the company said in its threat report.

The biggest change Sophos observed is the shift from threat actors, who make and then attack organizations using their own ransomware, to a model in which one group builds the ransomware and then leases that ransomware to another group so that the similar attack can be implemented. Such threat actors who offer ransomware as services are called RaaS groups.

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