Ransomware has been on the rise as of late, and it is a cyber security threat a lot of businesses and government services are taking seriously. According to Chainalysis, the blockchain monitoring company, more ransomware-related arrests from law enforcement are on the horizon.
Also read: Chainalysis Raises $1.6M, Partners with Europol
Can Companies Like Chainalysis Curb Ransomware and Cyber Crime?
Cybercriminals have been using ransomware threats over the past few years to extort organizations by encrypting their data and asking for a financial ransom — often in the form of bitcoin. Chainalysis has been working with law enforcement all around the world to combat this problem.
Most recently, Chainalysis helped authorities take down cyber-gang DD4BC (DDoS for bitcoin). The firm says there will be many more similar arrests in the near future.
Michael Gronager, CEO and co-founder of Chainalysis details the lowdown to Computer Weekly:
Expect to see some arrests soon as law enforcement agencies wrap up their investigations into several ransomware operations.—The ransomware industry is probably worth more than $100bn (£76bn) a year, but hopefully, our technology will help to reduce and contain that as people are arrested and sent to jail.