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Cybercrime – How is it evolving?

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This has been submitted by CyberLaw

Cyber criminals are regularly changing tactic to ensure they remain ahead of the game.  Please see the article below on the latest trends for cyber criminals.

What are the latest trends?

One of the fastest-rising and most recently established forms of ransomware named “Jaff” has been found to have links with a “refined” dark web marketplace that trades stolen credit card data. Both Jaff ransomware and the unnamed underground cybercrime marketplace share the same server space, according to security researchers. The ties between the two symbolise the way in which cyber criminals are evolving and adapting the way in which they operate.

The dark web market tied to Jaff was found to provide access to “tens of thousands of compromised bank accounts, complete with details about their balance, location and attached email address”. Researchers at Heimdal Security, who first discovered Jaff’s association with the dark web store, said that the marketplace has a relatively low barrier for entry.  Basically, this means that hackers of a relatively low level are likely to be able to access and take advantage of this.

Server located in St Petersburg, Russia

Researchers noted that Jaff ransomware and the dark web market’s shared server is located in St Petersburg, Russia. This indicates that the ransomware developers as well as the administrators of the dark web store are likely to be Russian.

What happens to your data once it is on the dark web?

“As we know, a ransomware attack never stops at just encrypting data. It also harvests as much information as possible about the victim,” Zaharia said.

“By combining these informational assets, cyber criminals are engaging in both the long game, required to profit financially from stolen card data, and in quick wins, such as targeted ransomware attacks, whose simpler business model yields a fast return on investment.”

Researchers said that credit card data is one of the “hottest commodities” in the malware economy and that hackers are highly likely to target card data since they can turn it into “untraceable bitcoins”.

Why is this such a worry?

The worry is that we live in a world that is heavily reliant on technology, the risks are significant.  In the UK alone, 23% of all card transactions are made online. This is a driving factor in relation to the increase in the number of cyber criminals.