Ransomware “Game” Getting Old, Reports Chainalysis

Our old nemesis, ransomware, is showing its age with a reported drop in revenue for its creators according to the analytics company Chainalysis. We’re almost nostalgic for the days of ransomware reign, when each attack had us off and running in the tech version of a game of Cat-and-Mouse.

Victims Wising Up, Paying Less often

It appears our collective patience with ransomware attackers is finally paying off, with Chainalysis’s report indicating victims are less often paying ransom amounts, dropping the malicious currency making scheme to its lowest point since 2017.

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But don’t get too comfortable. Here’s the latest scoop on ransomware you need to know:

The Shift Away from Crypto-based Payments

When it comes to cashing in on ransom payments, attackers are adjusting their tactics and preferences. Crypto-based payments were the standard choice for hostages, but now digital currencies like Paypal and Apple Pay are becoming more popular among attackers.

Wiper-ware, the Nasty (but Less Lucrative) Cousin of Ransomware

Here’s where it gets really ugly. Ransomware attackers, who didn’t make as much money by extorting hostage victims, are now reportedly turning to a different form of attack – Wiper-ware. It’s exactly what you think it is, an attack that wipes your data and completely encrypts or deletes your files.

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How to Protect Yourself from Ransomware and Wiper-ware

Good news: there are several ways to protect yourself from the latest ransomware and wiper-ware attacks. Here are just a few:

  • Backup regularly: Regularly backing up all of your files to an external storage device or cloud storage service will help you recover your data in the case of an attack.
  • Have an IT security service: Having a trained IT professional monitoring your systems can detect potential threats and proactively protect your business.
  • Don’t download suspicious files: Be careful when opening email attachments or downloading files from unfamiliar websites.
  • Keep all your software up to date: Attackers often use unpatched software vulnerabilities to get into a system, so make sure your operating system and other software is always up to date.

So there you have it – the latest scoop on ransomware and wiper-ware. While you may never need to worry about the dreaded cyber extortion scheme again, it’s always a good idea to stay vigilant and stay on top of your IT security.

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