The article “How ransomware gangs negotiate payments” by Kolawole Samuel Adebayo on Fast Company, discusses the intricacies behind ransomware attacks and the methods used by attackers to negotiate payments. The CEO of White Knight Labs, Greg Hatcher, contributes to the article with his expert insights.
According to Greg Hatcher, ransomware attackers typically dictate the method of communication and payment, which is almost always Tor and cryptocurrency due to the anonymity those platforms provide. He explains that the encrypted data from the victim’s critical systems allows attackers to swiftly define these communication and payment channels.
Hatcher also describes the challenges involved in tracing illicit ransom payments. Even with the public ledger characteristic of blockchain technologies, tracing these transactions remains an “expensive and time-intensive” task. This is primarily due to the multitude of wallets involved in the transactions and the overall anonymity that cryptocurrencies present, making it difficult to follow the money trail.
Greg Hatcher provides valuable insights into the shadowy mechanics of ransomware negotiations and the accompanying challenges involved in fighting this growing form of cybercrime.