According to new research from Barracuda Networks, there were 515,000 monthly online threats targeting cryptocurrency users in the first quarter of 2018, up from just 115,000 in the first quarter of 2017.
Crypto cyber attacks surge by 192%, says Barracuda research
The number of reported crypto cyber attacks increased by 192% in 2018, according to new research from Barracuda Networks. According to the report, 72% of these attacks were financial-related compared to 44% in 2017. The most reported type of targeted attack was social engineering (38%), followed by ransomware (24%).Summary of the situation
- As the price of bitcoin rises, so do attacks on cryptocurrencies.
- Barracuda Network recently conducted an investigation and discovered phishing attacks using digital currency.
As the price of bitcoin has risen in recent months, so have cyberattacks related to crypto assets. That’s according to a new study by Barracuda Networks, Inc, a renowned cloud security solutions provider, which shows that the number of attacks is on the rise.
Between October 2023 and April 2023, the number of cryptocurrency-related cyber attacks increased by 192%. These attacks have been accompanied by a nearly 400% increase in the price of bitcoin over the same period.
Cyber attacks against cryptocurrencies have increased in recent months
The study also found that cryptocurrency attackers have expanded the range of attacks on digital currencies. These ranged from extortion, spoofing and compromising corporate emails to the inclusion of cryptocurrencies in phishing attacks.
Fleming Shea, CTO of Barracuda, said cryptocurrencies are ideal for illegal and criminal activities because they are unregulated. It is also difficult to track and its value is unstable. It has fueled and supported a multimillion-dollar industry of ransomware, cyber extortion and phishing.
He also pointed out that since the beginning of the pandemic, the digitization of the enterprise has led to the creation and storage of more data in collaborative apps, bringing more information to light. This allows criminals to gain access to this information.
The rising price of bitcoin has become a stronger driver of attacks on crypto-currencies. Cybercriminals continue to develop new and more sophisticated schemes to take advantage of bitcoin’s popularity.
Researchers at Barracuda have found that one of the most common attack methods is to spoof e-wallets and other cryptocurrency platforms. They trick the security system by stealing login credentials and logging into these accounts.
Cybercriminals use BECs to steal bitcoins
Previously, attackers posed as financial institutions to obtain victims’ login credentials. Today, they use this tactic to steal valuable and well-known bitcoins. Cybercriminals use this cryptocurrency for their BEC (Business Email Compromise) attacks. They pretend to be employees of the organization.
They search, comment and personalize these emails to entice their victims to buy this cryptocurrency, donate to fake charities, or pay a fake vendor account with bitcoins.
Barracuda’s artificial intelligence (AI)-based linguistic processing of these BEC emails learned the key terms they use in crypto-currency attacks. Cybercriminals create a call to action or a sense of urgency and use phrases like End of Day or Urgent Today. They use these calls to action to trick the victim into going to their bitcoin wallet.An alarming increase in cryptocurrency cyber attacks in the first quarter of 2018 has been brought to light by security firm Barracuda , who say that the number of attacks has increased by 192 percent compared to the second quarter of 2017.. Read more about price target bitcoin and let us know what you think.
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