Ransomware attacks from Iran are increasing, according to cybersecurity firm

09 Aug, 2018
by Arthur Sillers
Ransomware attacks from Iran are increasing, according to cybersecurity firm

A global management consulting firm named Accenture has published a report which predicts that cyberattacks involving crypto will be on the rise, and in particular predicts a rise in ransomware attacks from Iran.

The report, which is based on data gathered from a team of analysts Accenture calls 'iDefense,' indicates that ransomware activity from Iran is on the rise, and has been since 2017. The report attributes this mainly to independent actors who are mainly targeting Saudi Arabia, Israel, and other Middle Eastern countries.

The report does state that due to recent discussion in the US or reimposing sanctions on Iran, Iranian hackers or even state-sponsored cybercriminals may turn their attentions to America, though it's important to note that, as reported Iran is looking to create a legitimate state sponsored cryptocurrency in order to mitigate the financial handicap that economic sanctions would oppose.

The report describes one virus in particular called 'Black Beauty,' which is a hybrid ransomware and cryptojacking trojan horse. Black Beauty, when it has infected a computer, uses the computers full processing power to mine Monero while also encrypting and scrambling files and posting a ransom note demanding $650 in Bitcoin to reverse damages.

The reports analysis also proffers that, in general, crypto related cyberattacks are increasing and will continue to increase because the financial incentive is becoming ever larger. It goes on to note that with the technology is developing to become more connected, and therefore more accessible to hackers.

It gives the example of the oil and gas industry, which has not had to design technology with protection from cyberattack in the past, as having seen some disruptive cyberattacks in the form of crypto mining.

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