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Yesterday, blockchain and transaction analysis provider Chainalysis launched its Crypto Incident Response Tool, a new service designed to support enterprises that have been breached by threat actors seeking cryptocurrency ransom. Has been done.
In the event of a breach or ransomware attack where cryptocurrency funds are solicited or stolen, the victim organization can contact the Chainanalysis team of consultants and data scientists via a 24/7 hotline, which will trace the funds and Will label them for recovery.
This relatively new approach of combining cryptocurrency security with incident response gives enterprises a tool they can use in their efforts to recover lost or stolen funds.
Why are crypto incident response services emerging now?
Cryptocurrency Incident Response Solutions are released as the number of ransoms paid by enterprises continues to increase.
Research shows that in 2021 alone, payments associated with ransomware attacks totaled $590 million compared to $416 million in 2020.
One of the main reasons for the high level of payoff is the growth of the ransomware-as-a-service (RaaS) industry, and how skilled attackers are able to identify, encrypt and extract critical data assets in order to maximize gains on their victims. are happening. ,
Victims of these cyberattacks not only have to worry about the huge cost of a ransomware attack that could lead to upfront disruption – they also have to worry about advanced technologies and what might happen next when. Or if attackers threaten to leak publicly accessed data .
The growing threat landscape has contributed to the average cost of ransomware breaches totaling approximately $4.62 million in 2021.
How crypto incident response services can help protect enterprises
While there are many anti-ransomware solutions, crypto incident response services are unique in that they can provide assistance to enterprises that have been “checkmate” by a threat actor to pay a ransom demand.
Senior Director Erin Plante said, “Following an incident such as a hack, ransomware attack, code exploit, or flash loan attack and cryptocurrency funds are either demanded or stolen, a victim can contact the 24/7 Chainalysis Crypto Incident Response Hotline. Is.” Investigations and special events in Chainalysis. “Chainalysis will then employ a dedicated team of experts leveraging advanced investigative capabilities to work round the clock and side-by-side with the victim organization. If necessary, the Chainalysis team liaises with law enforcement and asset recovery consultants. can help do that.”
By offering this service, Chainalysis aims to provide a way for organizations to respond quickly. This allows enterprise teams – if they are ever forced to pay the ransom – to trace funds immediately, with support and the ability to recover some of the funds.
Calling in an incident response team to trace stolen funds provides organizations with another tool they can use to either minimize the benefits of the attack in the early stages of a ransomware attack or run damage control. Can try to trace your money for and after ransom. been paid.
crypto event response market
The launch of the service coincides with the growth of the broader incident response market, with researchers valuing the market at $3.48 billion in 2020. This is projected to reach $10.13 billion by 2026 as more organizations seek outside support to detect and respond to security incidents. ,
It is important to note that Chainalysis is not the first provider to offer an incident response service tailored to crypto theft, but the market as a whole is in its infancy.
One of the organization’s most comparable competitors is a blockchain investigative agency, Cipherblade provides incident response and investigation services that monitor crypto movements in real time to help seize and recover stolen funds worth over $100,000. Can do.
CipherBlade’s crypto incident response service reportedly helped an influential blockchain and cryptocurrency investor, Ian Ballina, recover his funds after attackers stole $2 million in crypto. The organization also works with crypto exchanges and wallet providers including Bittrex, Bitbay, Coinomi, EtherDelta, Changelly, ShapeShift, ShakePay and MyCrypto.
While there are other similar less-defined incident response services that deal in crypto recovery services, Chainalysis and Cipherblade stand out as two of the most comprehensive in terms of asset recovery.
However, Plante argues that Chainalysis’s data lineage is what sets it apart from its competitors, leveraging more than seven years of historical blockchain data to maximize the chances of being able to trace stolen funds.
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