Blockchain and its role in protecting against ransomware
 

Blockchain and its role in protecting against ransomware


Ransomware is a type of malware (malicious software) that can come in many different forms, affecting individual systems as well as networks of businesses, hospitals, airports and government agencies.

This malware is constantly improving and becoming increasingly sophisticated since it was first recorded in 1989. While simple formats are usually unencrypted ransomware, modern ones use methods to make files inaccessible.

Encrypted ransomware can also be used on hard drives as a way to completely lock down a computer's operating system, preventing the victim from accessing it. The ultimate goal is to convince victims to pay a ransom for decryption, which is usually requested in digital currencies that are difficult to track (such as Bitcoin or other cryptocurrencies). However, there is no guarantee that the attackers will honor the payments.

According to the Q1 2022 Internet Security Insights report, this year's initial ransomware surge and data from previous quarters have led to predictions that 2022 will break the record for annual ransomware detections.

At Empirex Capital we tell you what a ransomware attack consists of and what the role of blockchain is in the face of these cyber attacks. n ransomware attack consists of several steps:

Infection:

hackers use an attack vector to deliver the infected software or "payload" to the victim's device.

The malware spreads:

this occurs within the victim's network and quickly encrypts the victim's files.

Negotiations begin:

the attacker displays an alert on the victim's screen or opens a communication channel with the victim and promises to unlock the encrypted data when the ransom is paid now, speaking of Blockchain technology, this can work as a preventive measure to disarm ransomware.

In many cases, the main problem for victims is that only one copy of their data was stored on the servers. If the attackers target this single point of failure, this is enough to cost the victim access to their data.

In contrast, if the victim were to keep records of their data distributed across multiple servers hosted by independent vendors instead of a single centralized copy, it is possible to isolate the infected machine and recover all the data from the other copies.

Blockchain is one of the main technologies that enable such distributed record keeping with multiple immutable copies of the data available on demand without relying on a central entity and thus without a single point of failure.

In addition to that, other distributed file storage protocols, such as the Interplanetary File System (IPFS), could be used in parallel with blockchain to store larger data sets.

Created on 7th Jul 2022

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