Cloudflare CEO is concerned about growing ransomware attacks in the crypto space
In an interview on CNBC’s “Mad Money” hosted by Jim Cramer, Cloudflare CEO Matthew Prince called crypto exchanges saying that these companies “were becoming a popular target for cybercriminals.” According to Prince, cryptocurrency exchanges should focus more on securing customer funds to prevent the increase in hacking and ransomware attacks.
Explaining the growing number of hacks on cryptocurrency exchanges, Prince said that money is the main motivation, just like bank robbers choose banks.
“The old adage is: Why do bank robbers rob banks? That’s because that’s where the money is.
“One of the biggest places cyber attackers are looking at right now is the various cryptocurrency exchanges and other parts of the cryptocurrency universe.”
During the year, the cryptocurrency ecosystem has drawn attention to the increasing number of ransomware attacks. Chainanalysis reported that victims paid more than $ 81 million in ransom through May 2021. In particular, the Colonial Pipeline hack in May raised concerns in the industry. The hackers cut off fuel supplies to parts of the east coast of the United States, demanding a $ 5 million ransom, payable in BTC.
In June, the Russian ransomware group REvil infiltrated more than 200 companies around the world through software provider Kaseya, using its technology management software to spread ransomware through the cloud. Hackers encrypted one of Kaseya’s tools with infected files, crippling hundreds of companies. The hackers then demanded a $ 70 million ransom, paid in BTC, to negotiate the decryption of the files.
These ransomware attacks have sparked considerable debate in the crypto security space and the role blockchain-based digital currencies play in the rise of ransomware attacks. Despite the rise in ransom attacks, some crypto analysts believe that blockchains actually help authorities track and stop hackers more easily due to the public nature of Bitcoin transactions, which are transmitted via network.
San Francisco-based Cloudflare is a web security infrastructure provider that protects businesses against online attacks. Its key proposition service provides security for companies to avoid distributed denial of service (DDoS) attacks, which are common in encryption exchanges.
On whether Prince would hold his cryptocurrencies on a Cloudflare-protected exchange, he said, “The company gives a prominent place to [its consumers] to prevent the evolution of cyber threats they face. The company remains at the forefront with innovations that prevent any new forms of ransomware and hacking attacks from affecting them.
“We are proud of the fact that we have kept our crypto clients safe and have helped increase the additional protections they have.”
“I would feel safe using any of the cryptocurrency exchanges that Cloudflare uses today. “
In addition to technically dealing with hackers, the US government is also fighting the rise in cases of ransomware attacks. In June, the US President’s National Security Advisor called on G7 countries to unite and fight systematic ransomware attacks on national sites.
At a press conference at the White House, Jake Sullivan, selected as Joe Biden’s national security adviser, called for regulation of the cryptocurrency ecosystem because it represents “the heart of how these ransomware attacks are carried out.”
Lujan is an author and publisher of blockchain and cryptocurrency technology. He has been working on cryptocurrency and blockchain technology since 2015, which helped him gain enough experience to be the writer he is today. He is known for his straightforward writing style that allows beginners to understand the field in the easiest way.