Want to weed out ransomware? Regulate crypto exchanges By Cointelegraph
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Just between July 2020 and June 2021, ransomware activity soared by a whopping 1,070%, according to a recent Fortinet (NASDAQ:) report, with other researchers confirming the proliferation of this mode of extortion. Mimicking the prevalent business model of the legitimate tech world, ransomware-as-a-service portals popped up in the darker corners of the web, institutionalizing the shadow industry and slashing the skill ceiling for wannabe-criminals. The trend should be ringing a warning bell through the crypto ecosystem, particularly since ransomware attackers do have a knack for payments in crypto.
That said, the industry that was once a Wild Wild West is now assuming a more orderly setting. Slowly but surely infiltrating the mainstream, it is now at the point where some of the largest centralized exchanges (CEXs) are hiring top-notch financial crime investigators to oversee their efforts against money laundering.
Lior Lamesh is the co-founder and CEO of GK8, a cybersecurity company that offers a self-managed end-to-end custodial platform with true cold vault and hot MPC capabilities for banks and financial institutions. Having honed his cyber skills in Israel’s elite cyber team reporting directly to the Prime Minister’s office, Lior oversees the development of GK8’s on-premises hardware and software.
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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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Just between July 2020 and June 2021, ransomware activity soared by a whopping 1,070%, according to a recent Fortinet (NASDAQ:) report, with other researchers confirming the proliferation of this mode of extortion. Mimicking the prevalent business model of the legitimate tech world, ransomware-as-a-service portals popped up in the darker corners of the web, institutionalizing the shadow industry and slashing the skill ceiling for wannabe-criminals. The trend should be ringing a warning bell through the crypto ecosystem, particularly since ransomware attackers do have a knack for payments in crypto.
That said, the industry that was once a Wild Wild West is now assuming a more orderly setting. Slowly but surely infiltrating the mainstream, it is now at the point where some of the largest centralized exchanges (CEXs) are hiring top-notch financial crime investigators to oversee their efforts against money laundering.
Lior Lamesh is the co-founder and CEO of GK8, a cybersecurity company that offers a self-managed end-to-end custodial platform with true cold vault and hot MPC capabilities for banks and financial institutions. Having honed his cyber skills in Israel’s elite cyber team reporting directly to the Prime Minister’s office, Lior oversees the development of GK8’s on-premises hardware and software.
Continue Reading on Coin Telegraph
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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