Ever since the Luna Terra stablecoin crisis emerged, the global cryptocurrency market has been in free fall. To give you an idea of the drop, the global crypto market cap has slipped below the $1 trillion mark and is currently at $970 billion. The market cap is expected to continue falling as more investors exit. Crypto has lost nearly $30 billion in just under 24 hours since Monday (it’s lost nearly 60 percent of its value so far this year). The crash has impacted many investors who have lost interest in the crypto universe (many investors simply haven’t looked at their crypto portfolios since the crash began), and the fallout from that event is still playing out as I put this blog post together .
Connection of bitcoins (cryptocurrency) and cyber security
Coming to the title of this post, an analyst told me late at night that anyone who has invested in Bitcoins over the past 18 months lost some investment value in this crash. In addition to legitimate investors, Bitcoin has also been a popular investment opportunity for criminals of all stripes including cyber criminals and even APT groups pumping almost 300 million USD in the last 3 months of 2021 alone.
So how does the crash impact cybersecurity, you ask? With their ill-gotten fortune parked in crypto investments, many hackers, script kiddies, and APT-backed gamers took it easy. They took turns attacking targets in different regions. The motivation was twofold. First, they shouldn’t get caught out of greed and second, they also wanted to bring in new players who would share their ransom earnings with them, giving them access to their tools and stolen credentials. Some of the hackers had even retired from the game, regularly cashing in on their Bitcoin investments to fund their lavish lifestyles, including yachts and extended sunny vacations.
But with the crypto crash, the bubble burst and the money disappeared (disappeared almost without a trace). This crash could not have come at a worse time for these hackers, as many of them are based in countries plagued by high inflation and a cost of living crisis. Many hackers are now realizing the reality that much of their wealth has simply eroded and that the lifestyle they were used to is no longer feasible or even affordable.
Compliance Kit: IoT and OT Cybersecurity Self-Assessment Tool using NIST CSF
So, the logical next step will be to resume hacking operations, get back into the ransom game and scale up to make up for the lost money. After the experience of 2008, when the number of Phishing attacks increased significantly In the months following the recession, we might be staring at a steep increase in cyber attacks in the coming months. It could also mean more stolen data, particularly credentials, could change hands as hackers start looking for vulnerabilities to exploit, and July and August will be months to keep an eye out for cyber defenders.
Many APT groups in China, Russia and North Korea in particular already have orders from their state agents to step up their activities. The Sectio team has already reported an increase in the footprint of North Korean APT groups in the financial services sector Sector.
So there you have it. Sectrio advises all companies In particular, those operating IoT and OT devices should be vigilant over the coming months. Request a demo today: Request a demo
Contact us now to learn more about ours Threat Analysis Offer.
Talk to us to understand how ours IoT and OT security solutions can improve your risk management and security posture.
Try our Threat Intelligence Feeds free for 15 days to see what your threat hunting program is missing here: Sign up for FREE threat intelligence feeds
Learn more about our threat assessment methodology here: OT and IoT Threat Assessment
Book a demo now to see our IT, OT and IoT security solution in action: Request a demo
Try our threat intelligence feeds for free for the next two weeks.
*** This is a syndicated blog from Security Bloggers Network section written by Prayukth K V. Read the original post at: https://sectrio.com/why-crypto-market-crash-portends-bad-times-for-cybersecurity/