As the Trump administration gets increasingly keen on crypto, some security pros see both potential benefits and drawbacks for ransomware adversaries. Crypto news from the White House so far includes an announcement of a Bitcoin Reserve, the appointment of David Sacks as a “crypto czar,” and an SEC dismissal of enforcement actions against the Coinbase exchange. There’s even a “$TRUMP” memecoin, and a new dollar-backed stablecoin. Whether ransomware adversaries thrive or take a dive under a more crypto-friendly federal administration will likely depend on regulations against the virtual currencies that have provided ransomware perps plenty of profit and anonymity, two security pros told us. “I think, ultimately, it’s going to come down to what the regulatory environment looks like there. If it’s an adjustment and a change to how we track these things, then there’s new [enforcement] opportunities. If it’s blanket cutting there, I do not see that as hindering ransomware payments so much as keeping them at the status quo,” Jason Baker, managing security consultant for threat intelligence at GuidePoint Security said. Anon factor. Cryptocurrency, with its decentralized digital ledger known as the blockchain, has been tough for law enforcement to track, according to Johnathon Miller, VP of security operations at managed detection and response company Lumifi Cyber. “There’s not a single authority that really controls it, and since they’re reported inside of the blockchain and the identity is not really tracked for the parties that are involved, it essentially keeps this layer of protection for those threat actors,” Miller said. Read the rest here.—BH |