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Coveware

HSGAC Hearing Recap: Ransomware Attacks and Ransom Payments Enabled by Cryptocurrency

Bill Siegel · 2022-06-14 · Read original ↗

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5 predictions
T1486Data Encrypted for Impact
95%
"##ing threats : ransomware attacks and ransom paymentsenabled by cryptocurrencytuesday, june 7th 2022mr. chairman, ranking member portman, and members of the committee, thank you for the opportunity to share coveware ’ s perspective on ransomware attacks and the role of cryptocur…"
T1486Data Encrypted for Impact
73%
"hsgac hearing recap : ransomware attacks and ransom payments enabled by cryptocurrency one of the critical components to addressing the problem of ransomware is data aggregation. a recently passed law, the cyber incident reporting act, provides a key element to data aggregation :…"
T1657Financial Theft
70%
"pockets is substantially higher when cryptocurrency is used vs. other currencies or stores of value. this is clear when looking at the recovery rates between two types of cyber crime, wire fraud and ransomware. if reported within 72 hours, illegitimate wires can typically be reve…"
T1486Data Encrypted for Impact
56%
"pockets is substantially higher when cryptocurrency is used vs. other currencies or stores of value. this is clear when looking at the recovery rates between two types of cyber crime, wire fraud and ransomware. if reported within 72 hours, illegitimate wires can typically be reve…"
T1486Data Encrypted for Impact
38%
"or cryptocurrency has always been used for lots of different types of extortion. ransomware existed before the advent of crypto - currency, and will persist if cryptocurrency were to ever disappear. as long as ransomware attacks are profitable to carry out against organizations w…"

Summary

During a recent HSGAC hearing, Coveware had the opportunity to provide testimony on how ransomware attacks are impacting US companies, and the importance mandatory reporting.