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Ransomware Profitability

Schneier on Security

Analyzing cryptocurrency data, a research group has estimated a lower-bound on 2020 ransomware revenue: $350 million, four times more than in 2019. Ransomware is now an established worldwide business. Slashdot thread.

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Disrupting Ransomware by Disrupting Bitcoin

Schneier on Security

Ransomware isn’t new; the idea dates back to 1986 with the “Brain” computer virus. This is where the suggestion to ban cryptocurrencies as a way to “solve” ransomware comes from. In this light, banning cryptocurrencies like bitcoin is an obvious solution.

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Ransomware Is Getting Ugly

Schneier on Security

Modern ransomware has two dimensions: pay to get your data back, and pay not to have your data dumped on the Internet. The Colonial Pipeline is another current high-profile ransomware victim. Ransomware has become the most profitable cybercrime business model, and until we solve those two problems, that’s not going to change.

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Ransomware Payments Are Down

Schneier on Security

Chainalysis reports that worldwide ransomware payments were down in 2022. Ransomware attackers extorted at least $456.8 When we published last year’s version of this report, for example, we had only identified $602 million in ransomware payments in 2021. million from victims in 2022, down from $765.6

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Cryptocurrency users in the US hit by ransomware and Clipper malware

Tech Republic Security

Learn how to protect your business and staff from the MortalKombat ransomware and Laplas Clipper malware. The post Cryptocurrency users in the US hit by ransomware and Clipper malware appeared first on TechRepublic.

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U.S. Offered $10M for Hacker Just Arrested by Russia

Krebs on Security

In January 2022, KrebsOnSecurity identified a Russian man named Mikhail Matveev as “ Wazawaka ,” a cybercriminal who was deeply involved in the formation and operation of multiple ransomware groups. government indicted Matveev as a top ransomware purveyor a year later, offering $10 million for information leading to his arrest.

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DarkSide Ransomware Gang Quits After Servers, Bitcoin Stash Seized

Krebs on Security

The DarkSide ransomware affiliate program responsible for the six-day outage at Colonial Pipeline this week that led to fuel shortages and price spikes across the country is running for the hills. The DarkSide message includes passages apparently penned by a leader of the REvil ransomware-as-a-service platform.