The EU is pledging to fight back against Ransomware Attacks

in #cryptocurrency7 years ago (edited)

There has been a recent wave of ransomware attacks across the globe.

From the major data theft of a few months ago affecting thousands of companies, to the more recent pirating (pun intended) of the new Pirates of the Caribbean film.

In each case, ransomers were able to hack into the company's data base and steal valuable intellectual property. 

In many of the recent cases, the hackers are demanding Bitcoin as their preferred means of payment. They want Bitcoin for several reasons, a major one being it's anonymity.

How common are these ransomware attacks?

Ransomware attacks have gotten so common and wide spread that companies have been arming themselves with a little side pool of bitcoins just in case it happens to them. 

Check out this statistic from companies polled in the UK:

Roughly a 3rd of UK companies are buying Bitcoin in case of ransomware attacks.

That is a startling high number. 

Why are they paying the ransom you might ask? 

Companies want to be able to pay the fee and get back to business as quickly as possible, especially in cases where their data might be needed in a timely manner such as a hospital and certain financial institutions. 

For them it makes MORE sense to just comply with the demands of the hackers than it does to try and fight them.

The hackers in turn know this, and target those organizations specifically.

I touched on this a few weeks ago if you'd like to read more:

https://steemit.com/bitcoin/@jrcornel/an-unexpected-source-of-demand-for-bitcoin

However, there is one little caveat to keep in mind. In most cases where the company has paid the ransom, their data was never returned back to them. So, there is that...

This is where "Tools for the Investigation of Transactions in Underground Markets" (TITANIUM) steps in.

A group of government agencies, law enforcement, and academic researchers have all partnered on a new digital currency surveillance project backed by over $5 million dollars from the European Union. The project, dubbed TITANIUM (as mentioned above), will be conducted over the next 3 years. 

According to the news release, the specific participants are as follows:

"Interpol, Interior Ministries from Spain and Austria, Finland's Bureau of Investigation, and the University College London, among a handful of others."

This sounds all well and good, but what about privacy rights?

That is the big question. 

One of the major allures of cryptocurrencies is their anonymous transactions. If these things start leaving a paper trail, do they lose much of their luster?

TITANIUM pledges not to violate users privacy rights, although that seems like a tall order.

Specifically, the duty of the group is as follows:

"The consortium will analyze legal and ethical requirements and define guidelines for storing and processing data, information, and knowledge involved in criminal investigations without compromising citizen privacy." 

Basically it sounds much like what Russia was talking about a few days ago. It sounds like they are looking at ways to regulate the currencies at least to some degree. 

It's not surprising the EU is taking this action given all the ransomware attacks of late. 

It will be interesting to see how effective it is though, and it will also be interesting to see exactly how this effects cryptocurrencies and their users desire to remain mostly anonymous.

The times they are a changin!

<div style="position:relative;height:0;padding-bottom:56.25%"><iframe src="

Sort:  

Good post. Its time for a global war against cyber terror attacks. However hackers / cyber criminals are very smart therefore governments should spend more on cyber security. Good move by the EU...thanks for sharing

Nice post and I appreciate your detailed information!

Thank you for sharing...sometimes I wonder if they "stage these news events" only to come out with laws that limit freedoms -- like cryptos -- just a thought

Haha it's possible... in the sense that anything is possible :)

they call it "problem - reaction - solution" --- they have prepared what they want --- now they drive the people this way to accept it thru drama and trauma events --- and boom "here is the solution" to your woes

we will watch and see ....sad to say

absolutely! the ridiculous story of the wannacry attack on hospitals was fabricated for this end no doubt.
governments want our money and will be desperate to find a way to tax and regulate the cryptocurrency market.
I bet they'll have more bogus attacks planned, especially to depict the privacy coins as something used by criminals and terrorists.

they have no choice but to plan .....but really ...with what they are doing to the dollar ...how can them blame Bitcoin??? They are frustrated they can't print it I guess

Governments regulate everything and they use fear to do it. I wouldn't be surprised if this whole thing is designed to create fear and make cryptos look bad to the average person.

It's possible. Although I think they mostly just want a piece of the action (taxes).

Great article. Solid reporting. By the way, I tried to inspire a dialogue about privacy rights. Doesn't seem like anyone was interested in privacy here and they posed quite a few good arguments to back up their beliefs. Still, every upvote here is a transaction or trade of sorts, right? I am new here. Still learning. https://steemit.com/steemit/@magick323/steemit-question-of-the-day

Really interesting @jrcornel! I'd like to stay informed on this. So another article will lead to another upvote ;). I am also curious to see whether they will be able to "stand up" to these hackers with "just" a 5 million budget. I think the fiercest of white hat guys will come at quite a price.

I think so too. It was 5 million euros I believe, so over $5 million dollars, but I agree it needs a lot more money thrown at it. It sounds like this committee is simply coming up with plans on how to counter the hackers.

It could be a pretense to start a serious "it defense force" but otherwise i agree that they won't come a lot further than making some plans

Nice post... Very interestibg @jrcornel

nice...your post deserve upvote and resteem...

I think the governments keen on regulating underestimate how difficult it is to regulate cryptocurrency.

As companies + govts get better at tracing Bitcoin transactions (which is still very hard and costly to do) those distributing ransomware will simply ask for payment in Monero, ZCash or other anon coins.

The whole point of these coins is they are impossible to trace.

Good posts !!
Upvote & Resteem ^_^
Good job @jrcornel

Coin Marketplace

STEEM 0.19
TRX 0.16
JST 0.032
BTC 64168.93
ETH 2768.21
USDT 1.00
SBD 2.72