Why the cryptocurrency market crash portends bad times for cybersecurity

Do you feel sorry for the cryptocrims? No, me neither. But we do have to be aware that their appetite for risk will change…:

[…] But with the crypto crash, the bubble has burst and the money has disappeared (almost vaporized into thin air without even a trace). This crash couldn’t have come at a worse time for these hackers as many are based in countries that are reeling from high inflation and a cost of living crisis. Many hackers are now waking up to the reality that a big chunk of their wealth has simply eroded away and that the lifestyle that they were used to is no longer feasible or even affordable.

So the logical next step will be to restart hacking operations, get back into the ransom game and scale up to make up for the lost money. Going by the experience of 2008 when the number of phishing attacks rose significantly in the months following the recession, we could be staring at a steep rise in cyberattacks in the months to come. This could also mean that more stolen data, especially credentials could change hands as hackers start looking for vulnerabilities to exploit, and July and August will be months to watch for cyber defenders.

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