Cybercrimes have been under the spotlight for the longest time, primarily because of how lucrative the business is for threat actors. Recent reports reveal that the cybercrime landscape has cost the world more than $1 trillion, and by 2025, it has been predicted to cost the world’s economy over $10 trillion. It makes this fact clear coming from the headlines about cybercrimes such as how the Colonial Pipeline paid about $4.4 million to the ransomware threat actors, the selling of highly sensitive stolen data on the Dark Web, and exploiting the activity of company servers and websites to add to botnets. All of these mentioned attacks and incidents have one thing in common: these hackers are eyeing to acquire cryptocurrency funds.
Money-making ways of cyberhackers
Out of the many methods that cyber hackers execute in cyberattacks; these few are what stands out:
- Ransomware. Once a target computer system gets encrypted, it will create worry and urgency for the victims to mitigate it. With all the panic and commotion that this attack will create, the threat actors will try to extort their victim by demanding a large amount of payment in exchange for their encrypted data in a short period, or else they will publish the stolen data.
Even though the ransomware tactic could be profitable for the hackers, this tactic has always been a loud and explicit way of attacking. The moment the victims are attacked with ransomware, it is completely evident, which creates panic and awareness of being compromised, which removes any likelihood of this tactic being discreet and stealthy.
- Sell of Abuse Stolen Data. Stealing highly sensitive data could be a great use for hackers to profit from. They could sell the stolen data to other hackers on the Dark Web or use any financial credentials they have stolen for personal gain.
But there will always be a chance of getting caught with this kind of attack. Moreover, the amount of money hackers can exhaust will always depend on how much funds the victim has in the first place. Chances are that hackers will not attract buyers if they choose to sell it.
- Mine Cryptocurrency. Hackers often install a backdoor to ensure their persistent access and control over a compromised machine. This backdoor normally takes the form of an inobtrusive code that discreetly hides between other segments of codes which typically runs automatically. Even if this kind of persistence is not how hackers will profit, their way of installing a hidden routine to mine cryptocurrency does and will suppress their target machine in computing and solving math problems so they could mine any cryptocurrency coins that they like, such as Bitcoin, Monero, or Ethereum.
Cryptocurrency is a prolific choice for hackers to opt into when nothing else could work.
From the options listed, mining cryptocurrency could be the slowest choice but could get hackers an ample amount of payout in the long run considering how discreet it could be – which makes it the perfect escape plan for hackers. One of the most conspicuous aspects of cryptocurrency mining is that when money is sent to them, there is no getting it back unless the recipient takes the initiative, which is unlikely. Therefore, hackers can take the money they receive and escape. This technique proposes complete anonymity, independence, and stability.
