We’re excited to bring Transform 2022 back to life on July 19th and virtually July 20-28. Join AI and data leaders for discerning conversations and exciting networking opportunities. Register today!
Yesterday, blockchain and transaction analysis provider, Channelis, launched its Crypto Incident Response tool, a new service designed to support enterprises that have been compromised by risky artists who have demanded cryptocurrency ransom.
In the event of a breach or ransomware attack where cryptocurrency funds are solicited or stolen, the aggrieved organization can contact the chainalysis team of consultants and data scientists via the 24/7 hotline, which will then locate the funds and label them for recovery.
This relatively new approach to combining cryptocurrency defense with incident response provides enterprises with a tool they can use in their efforts to recover lost or stolen funds.
Why are crypto event response services now emerging?
As the number of ransoms paid by the enterprise continues to rise, crypto event response solutions are introduced.
Research shows that in 2021 alone, payments linked to ransomware attacks totaled $ 590 million, compared to $ 416 million in 2020.
One of the main reasons for the high level of payments is the evolution of the ransomware-a-service (RaaS) industry, and how skilled attackers are becoming important in identifying, encrypting and extracting important data assets to maximize the benefits to their victims. . .
Victims of this cyber attack need to not only worry about the tremendous cost of ransomware attacks, which can be disruptive in advance – they also need to worry about the latest technologies and what might happen next when attackers threaten to leak data accessed in public. .
The average cost of ransomware breaches in 2021 is approximately $ 4.62 million due to the growing landscape of threats.
How crypto event response services can help secure an enterprise
While there are many anti-ransomware solutions, crypto event feedback services are unique in that they can support ventures that have been “checkmated” in paying ransom demands by a threatening actor.
“Once a hack, ransomware attack, code exploit or flash loan attack occurs and a cryptocurrency fund is solicited or stolen, the victim can contact the 24/7 Channelless Crypto Incident Response Hotline,” said Erin Plante, senior director. Investigations and special programs on channelisis. “After the channelisis will be assigned a dedicated team of experts who take advantage of the advanced investigative capabilities and work around the clock with the victim organization. If necessary, the channelisis team can help liaise with law enforcement and asset recovery consultants. “
By offering this service, Chainalysis aims to provide a way for organizations to respond immediately. This allows enterprise teams – if they are ever forced to pay a ransom – to immediately begin tracing the funds, with the possibility of some funding support and recovery.
Calling an incident response team to locate stolen funds provides organizations with another tool they can use to either reduce the benefits of an attack in the early stages of a ransomware attack or run a loss control and try to locate their funds after a ransom. Has been paid.
Crypto phenomenon response market
With the market value of માં 3.48 billion in 2020, researchers say the service begins when the broader event response market continues to grow. It is expected to reach $ 10.13 billion by 2026 as more organizations seek external support to detect and respond to security incidents. .
It is important to note that Chainlysis is not the first provider of crypto theft corresponding event response service, but the entire market is in its infancy.
One of the organization’s most comparable competitors is the blockchain investigation agency, CypherBlade, which provides incident response and investigation services that can monitor crypto movements in real time to help seize and recover stolen funds over $ 100,000.
CipherBlade’s crypto event response service has reportedly helped influential blockchain and cryptocurrency investor Ian Balina recover his funds after attackers stole 2 million in crypto. The organization also works with crypto exchanges and wallet providers, including Bittrex, Bitbuy, Coinomi, EtherDelta, Changelly, ShapeShift, Shakepay and My Crypto.
While there are other similarly low-defined event response services that thrive in crypto retrieval services, channelisis and cipherblade stand out as the two most comprehensive in terms of asset retrieval.
However, Plant argues that the chain genealogy data genealogy is what determines it from competitors, taking advantage of more than seven years of historic blockchain data to increase the chances of being able to detect stolen funds.
Venturebeat’s mission Transformative Enterprise is about to become a digital town square for technology decision makers to gain knowledge about technology and transactions. Learn more about membership.