The state of the digital currency ecosystem through which the prices of digital assets like Bitcoin have been slumping has impacted the overall activities of Ransomware attackers. According to a security report by SonicWall, Cyber security has shed accurate insight into the criminal activities bordering on the emerging blockchain ecosystem.
According to SonicWall, general malware attacks around the globe for the first half of the year saw an 11% growth to 2.8 billion reported cases. Despite the increase in malware, the SonicWall report noted that Ransomware incidences were down 23%, but still saw a very high attack volume of 236.1 million for the first half of 2022.
The report tried to attribute a number of reasons for this decline in ransomware and among the projection is the dwindling price of Bitcoin. In addition to this, the SonicWall researchers noted that these specific attack Vector;
“..May be shifting course due to government sanctions, supply-chain deficiencies, limited availability of needed infrastructure, and increased attention from law enforcement and governing bodies.”
Ransomware is a cyber attack in which hackers gain unauthorized access to an organization’s systems, encrypt the data, and demand a ransom usually in the form of Bitcoin to re-open the portal.
Specific Threat Prevalence Beyond Ransomware
According to the report, SonicWall noted that IoT-related malware recorded volume that shot up 77% from 2021, resulting in more than 57 million hits. While the United States recorded the highest cases of IoT malware, the UK also notably recorded triple digital hits across industries.
The shrinking value of digital currencies did not stop hackers from cryptojacking, a criminal endeavor whose volume rose to 66.7 million in the first half of 2022 – up 30% over the first half of 2021. The report added that never-before-seen malwares were also recorded and this variant was up 45% with SonicWall’s patented Real-Time Deep Memory Inspection™ (RTDMI) technology discovering a total of 270,228.
The digital currency ecosystem also had it tough when it comes to cyber system sabotage this year.
While the year opened up with the hacking of Crypto.com, the largest fund drain from a DeFi outfit worth $625 million was recorded when the Lazarus Group hit the Ronin Bridge associated with the Axie Infinity protocol back in May.
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