Don’t blame crypto for ransomware

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.

However, taking a look at the macro picture of cybersecurity attacks, we see some trends that have been emerging. For example, losses from cyberattacks grew 50% between 2018–2020, with the global losses adding up to

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