Bye bye to the Ransomware Economy Thanks to FBI, According to Reports

As if 2020 wasn’t hectic enough already, the FBI has kicked off some serious justice this week by shutting down the Hive, a major hub of malicious ransomware activity, resulting in the extradition of two cybercrime suspects.

What is Hive?

The Hive was a malicious cybercrime hub where cybercriminals could rent access to the malicious ransomware that would be used to attack victims. The company was established back in 2018 and was the one-stop-shop for criminals wanting to facilitate malicious cybercrime operators with the tools they needed to carry out attacks.

What Does This Mean For The Ransomware Economy?

The news of the FBI taking down the Hive has been welcomed by industry experts, as many are hopeful that this could be the beginning of the end of the ransomware economy. Here’s what it could mean:

• More Resources For Victims: The funds generated by cybercrime operators will now no longer be available to be used to finance even more attacks. This could help victims receive more resources to promptly recover from an attack.
• Alertness For Companies: Companies will likely be more alert and vigilant going forward, further tightening their security measures to ensure that their systems are not vulnerable to any malicious activities.
• Tightened Authority: The ongoing efforts taken by authorities could mean that the scope of criminal activities online may decrease as further initiatives are taken to shut down malicious operations.

What Happens Now?

The conclusion of this case may open up doors to further initiatives that would identify and shutdown other hubs of malicious activity. While nothing is confirmed as of yet, this news has certainly given us something to think about. Who knows, maybe 2021 will be even better for cybersecurity than 2020!