Unchained How Ransomware Evolved Into a Big Business - Ep.256
Jul 20, 2021
Gurvais Grigg, Global Public Sector CTO at Chainalysis with a rich background in FBI counterterrorism, teams up with Kim Grauer, Director of Research at Chainalysis and a cryptocurrency crime analyst. Together, they dissect the evolution of ransomware into a lucrative business. They reveal how hacking groups like REvil employ sophisticated strategies and why Bitcoin is the payment of choice. The duo also discusses the challenges of ransomware reporting and how governments are adapting counter-terrorism tactics to combat this growing threat.
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Ransomware Actors
- Ransomware attackers range from technically skilled individuals to those using ransomware-as-a-service.
- The rise of ransomware-as-a-service has lowered the barrier to entry for less sophisticated attackers.
REvil's Growing Sophistication
- REvil, also known as Sodinokibi, shows increasing sophistication through their exponentially growing ransom demands.
- Their use of mixers and advanced technologies for moving funds points to a higher level of resourcefulness.
Ransomware-as-a-Service Business Model
- Ransomware-as-a-service (RaaS) mirrors legitimate SaaS models, offering various services like malware, hosting, and money laundering.
- Cryptocurrency payments throughout the RaaS supply chain provide a key data point for tracking and disrupting these operations.
