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Listen "Navigating Ransomware and Cybersecurity: Insights from Cryptocurrency Expert John Morrissey"
Episode Synopsis
Summary
In this episode of Chattinn Cyber, Mark Schein chats with John Morrissey, Cryptocurrency Operating Compliance Director for Arete, focusing on various aspects of the cryptocurrency industry and the challenges associated with ransomware attacks. John explains how he ended up in his current role, combining his cybersecurity background with his passion for trading and investing. He discusses the volatility of the cryptocurrency market and the impact it has on ransom demands. He also highlights the increasing scrutiny and compliance requirements imposed by organizations like OFAC when it comes to making ransom payments. John emphasizes the importance of taking cybersecurity seriously and investing in the right tools and processes to protect organizations from cyber threats.
John shares his journey of how he becomes the Cryptocurrency Operating Compliance Director for Arete. He mentions that he met Joe Mann, the founder of Arete, while working in the Virginia DC area. John became Arete’s first client when he ran a DFIR (Digital Forensics and Incident Response) services organization. With his background in cybersecurity and his passion for trading and investing, John found a perfect fit in his current role, where he manages crypto relationships and helps clients navigate the complexities of the market.
The conversation then shifts to the concept of crypto puzzles and the volatility of the cryptocurrency market. John explains that crypto is the most volatile asset in the world, and its value can fluctuate significantly in response to market conditions. He gives an example of how Bitcoin's value dropped from $69,000 to $16,000 during a market crash. John highlights the challenges of working with a new industry that lacks regulation and dealing with assets that are highly volatile. He emphasizes the need to understand how all these factors fit together.
The discussion then turns to ransomware attacks and the changing demands of adversaries. John mentions that during previous market crashes, ransom demands were often made in Bitcoin. However, after the crash, there has been a shift towards demanding cash instead of Bitcoin. He notes that the ransoms are increasing year over year, with some groups demanding even higher amounts. John also mentions the increasing scrutiny and compliance requirements imposed by organizations like OFAC (Office of Foreign Assets Control) when it comes to making ransom payments. He explains the steps Arete takes to ensure compliance, including analyzing threat actor wallets, conducting blockchain analysis, and verifying the absence of sanctions.
Mark asks John how Arete can help in situations involving ransomware attacks. John explains that Arete is a full-service organization specializing in digital forensics and incident response (DFIR). They offer assistance from the moment a hack is discovered, providing a 24/7 phone number and email for immediate response. Arete’s team helps clients through the entire process, from triage to recovery, and even offers guidance on planning and prevention. If necessary, Arete can also assist with the process of making ransom payments.
In conclusion, the conversation between Mark Schein and John covers various aspects of the cryptocurrency industry and the challenges associated with ransomware attacks. John shares his background and how he ended up in his current role. He discusses the volatility of the cryptocurrency market and the impact it has on ransom demands. He also highlights the increasing scrutiny and compliance requirements imposed by organizations like OFAC. John emphasizes the importance of taking cybersecurity seriously and investing in the right tools and processes to protect organizations from cyber threats. Arete’s role in assisting clients with ransomware attacks is also discussed, highlighting their full-service approach and expertise in digital forensics and incident response.
Key Takeaways
In this episode of Chattinn Cyber, Mark Schein chats with John Morrissey, Cryptocurrency Operating Compliance Director for Arete, focusing on various aspects of the cryptocurrency industry and the challenges associated with ransomware attacks. John explains how he ended up in his current role, combining his cybersecurity background with his passion for trading and investing. He discusses the volatility of the cryptocurrency market and the impact it has on ransom demands. He also highlights the increasing scrutiny and compliance requirements imposed by organizations like OFAC when it comes to making ransom payments. John emphasizes the importance of taking cybersecurity seriously and investing in the right tools and processes to protect organizations from cyber threats.
John shares his journey of how he becomes the Cryptocurrency Operating Compliance Director for Arete. He mentions that he met Joe Mann, the founder of Arete, while working in the Virginia DC area. John became Arete’s first client when he ran a DFIR (Digital Forensics and Incident Response) services organization. With his background in cybersecurity and his passion for trading and investing, John found a perfect fit in his current role, where he manages crypto relationships and helps clients navigate the complexities of the market.
The conversation then shifts to the concept of crypto puzzles and the volatility of the cryptocurrency market. John explains that crypto is the most volatile asset in the world, and its value can fluctuate significantly in response to market conditions. He gives an example of how Bitcoin's value dropped from $69,000 to $16,000 during a market crash. John highlights the challenges of working with a new industry that lacks regulation and dealing with assets that are highly volatile. He emphasizes the need to understand how all these factors fit together.
The discussion then turns to ransomware attacks and the changing demands of adversaries. John mentions that during previous market crashes, ransom demands were often made in Bitcoin. However, after the crash, there has been a shift towards demanding cash instead of Bitcoin. He notes that the ransoms are increasing year over year, with some groups demanding even higher amounts. John also mentions the increasing scrutiny and compliance requirements imposed by organizations like OFAC (Office of Foreign Assets Control) when it comes to making ransom payments. He explains the steps Arete takes to ensure compliance, including analyzing threat actor wallets, conducting blockchain analysis, and verifying the absence of sanctions.
Mark asks John how Arete can help in situations involving ransomware attacks. John explains that Arete is a full-service organization specializing in digital forensics and incident response (DFIR). They offer assistance from the moment a hack is discovered, providing a 24/7 phone number and email for immediate response. Arete’s team helps clients through the entire process, from triage to recovery, and even offers guidance on planning and prevention. If necessary, Arete can also assist with the process of making ransom payments.
In conclusion, the conversation between Mark Schein and John covers various aspects of the cryptocurrency industry and the challenges associated with ransomware attacks. John shares his background and how he ended up in his current role. He discusses the volatility of the cryptocurrency market and the impact it has on ransom demands. He also highlights the increasing scrutiny and compliance requirements imposed by organizations like OFAC. John emphasizes the importance of taking cybersecurity seriously and investing in the right tools and processes to protect organizations from cyber threats. Arete’s role in assisting clients with ransomware attacks is also discussed, highlighting their full-service approach and expertise in digital forensics and incident response.
Key Takeaways
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