In a rapidly evolving world of cybersecurity, there’s an unsettling constant: no matter how advanced our defenses become, social engineering remains at the core of many devastating cyberattacks. From infostealers to credential theft and cryptocurrency hacks, today’s most cutting-edge threats are still built on manipulating human behavior. The more things change, the more they stay the same.
Pig-butchering may be proving the Luddites were right. The social-engineering scam bypassed ransomware as the most profitable cybercrime approximately two years ago. After government regulations and law enforcement took a big bite out of returns for ransomware this past year, public-private partnerships are taking aim at the new champ.
TL;DR
* Pig butchering eclipses losses from ransomware
* Top targets are tech savvy people under 50
* Human error trumps cyber awareness
* Public/private partnerships making inroads at dismantling scam operations
* Tips to avoid scams
* Podcast with Arkose CEO
Between 2020 and 20023, scammers reaped more than $75 billion from victims around the world. Approximately 90 percent of the losses came from of purchasing fraudulent cryptocurrency, according to the US Treasury Department’s, Financial Crimes Enforcement Center. In comparison, ransomware attacks in that same period harvested $20 billion worldwide in ransoms and cost approximately another $20 billion in recovery costs.
Cybercrime reports flowing out of marketing departments still highlight the danger of ransomware. However, a closer look at the numbers reveals a much different story and poses the question: Have we reached peak ransomware?
Last year, ransomware attacks hit all-time highs with paid ransoms exceeding $1.1 billion and attacks exceeding 5000, according to FBI and Interpol reports. However, looking at midyear reports from Cyberint, SonicWall and Check Point and a dozen others, attacks and ransoms paid have crashed. Still, the crime is not to be discounted, and industry recommendations are to double down on efforts to combat the “scourge”.
There are three reasons why the ransomware industry is hitting a wall.
Law enforcement agencies, working In cooperation, have found the means to identify and shutdown ransomware gang operations around the world.
Potential victims have learned hard lessons regarding the gangs’ willingness and ability to decrypt data, and becoming repeat targets. They are deciding in greater numbers to ignore ransom demands, cutting into revenue streams.
The “honor among thieves” philosophy does not relate to these criminals. Ransomware service providers are stiffing their affiliates, causing a fracturing of the criminal industry into multiple, independent gangs.
You must be a Premium member to access this content.
We are at an inflection point in the US Congress. For decades technology companies have been given free rein to advance and innovate without concern for the negative impact of what they produce. That honeymoon seems to be over, but their lobbying power has kept the weight of regulation relatively far from them.
Last week, the House Financial Services Committee advanced the Financial Innovation and Technology for the 21st Century Act, also known as the FIT Act, to the House floor for debate and approval.
You must be a Free member to access this content.
The end of March marks World Backup Day, a day traditionally designed to raise awareness of the importance of backup and encourage best practices. However, in 2024… Is backup still relevant?
Read more...
When we received an invitation to review AI Doctor we were quite excited to get a look inside what a serial entrepreneur, investor, and cardiologist thinks about dealing with those vulnerabilities.
You must first purchase a membership level before purchasing this content.
It seems like the insurance industry is turning the corner on cyber insurance and making a decent profit in the process. But not every industry watcher is optimistic.
This content requires that you purchase additional access. The price is $1.00 or free for our Premium members.
Most people understand by now the impact that ransomware can have on their systems if infected.…… Membership Required You mustmore...
From our predictions issue: The cybersecurity landscape in 2024 is poised for significant developments and challenges. This report offers valuable insights into the evolving threat landscape and the measures needed to mitigate risks effectively.
You must be a Premium member to access this content.
Ever heard of Paxful Wallet? If you’re one of the 3 million people who use it to buy, sell, and store cryptocurrency that answer is yes. Since that customer base represents less than one percent of the US population, probably not. Unless that is, you are one of the thousands more hit by the Paxful Wallet/Venmo Scam.
Read more...