How Ransomware Evolved Into a Big Business - Ep.256

Episode • Jul 20, 2021 • 57m

Gurvais Grigg, Chainalysis public sector CTO, and Kim Grauer, director of research at Chainalysis, review the ransomware landscape. Show Highlights:

their backgrounds and roles at Chainalysis
how a ransomware attack works
what types of businesses are usually targeted in ransomware attacks
why ransomware as a service (RAAS) is a booming business
why Kim and Gurvais believe the hacking group REvil is becoming more sophisticated
what characteristic of REvil hints that the group could be affiliated with Russia
how the RAAS business model works
how ransomware payments can be tracked
why ransomware reporting has a data problem
why Bitcoin is the preferred method of payment amongst ransomware attackers
what two factors makes BTC preferable to privacy coins
how ransomware groups teach victims to transfer BTC
how ransomware groups cash out of their BTC
how counter-terrorism tactics can help fight ransomware attacks
how the Department of Justice may have partially recovered part of the Colonial Pipeline ransomware payment
what tools and strategies governments can and will use to battle ransomware