Cryptocurrency, Cybercrime and Cloud Services: Simple Mistakes Can Have Considerable Impact on Organizations
- Friday, May 25, 2018
In the fourth quarter of 2017, financial services and technology news was dominated by the topic of cryptocurrency, with considerable attention given to Bitcoin. Large international investors, hedge funds, and small individual investors alike all watched as the value of Bitcoin skyrocketed, reaching nearly $20,000 in mid-December. The rapid increase in value was so dramatic that many individuals decided to either invest in or build their own cryptocurrency mining platforms in an attempt to cash in on the digital gold rush.
However, cybercriminals also started to pay more attention to cryptocurrencies and began looking for more sophisticated ways to profit from the increase in those currencies’ values. In fact, in 2017 there was a dramatic increase in ransomware activity, with criminals demanding payment in cryptocurrency.