“A primary concern with this new initiative is the risk that it poses back to individual companies and organizations. This vast number of exchanges allows criminal organizations to move between different exchanges, complicating the problem. As of this year, there are approximately 6,000 different cryptocurrencies in use. A Risk For Companies And Organizationsīrian Gallagher, president and co-founder of cybersecurity software company ProtectedBy.AI, observed that, “This new initiative will not completely stop attackers from committing ransomware attacks, but it will help to make collecting the ransoms harder. If there is no money to be made, the criminal activities will cease,” he predicted. government to promote effective ransomware detection and recovery programs that obviate the need to ever pay a ransom for data.

Many, if not the majority, of the components are in countries that are beyond our ability to prosecute or take any action. “The ransomware criminal networks span the entire malware product life-cycle from access brokers to payment facilitation. Whether this leads to another criminal financial innovation subverting the exchanges remains to be seen.' A Game Of Whack-A-MoleĮd Peters, the chief innovation officer at Panzura, said that while sanctioning the crypto currency exchange for facilitating illicit ransomware transactions is a positive step, “it is, unfortunately, like playing the game ‘Whack-a-Mole’ the next iteration can pop-up instantly. The question will be is it enough? Probably not on its own which is why extensive enforcement is required. This sends a signal to other providers that it’s being taken seriously. The economic utility of ransomware depends on the ability to convert the operation into cash.

government should use its regulatory muscles to enforce anti-money laundering in exchanges. Banks everywhere will be on alert.'īryson Bort, CEO of information security company Scythe, said, 'The U.S. The Office of Foreign Asset Control has effectively cut it off from access to the U.S. “The impact on the sanctioned exchange will be severe.

Rogue energy font