Public Key Podcast

[CHAINALYSIS PODCAST EPISODE 38] Why Incident Response Needs Are Surging Amidst New Cryptocurrency Cyber Threats

Episode 38 of the Public Key podcast is here! In this episode, we talk with the cyber risk team at Kroll, Christopher Ballod (Managing Director), and Jaycee Roth (Associate Managing Director), who update us on what we have seen in ransomware and other cyber risks over the last 18 months in the crypto industry. 

* It is noted that Kroll is a Chainalysis partner. 

You can listen or subscribe now on Spotify, Apple, or Audible. Keep reading for a full preview of episode 38.

Public Key Episode 38 preview: Why 2023 might be the year of “Cryptocurrency Cyber Security”

If 2021 was the year of Ransomware, then 2022 definitely should be called the year of DeFi hacks. Is there any chance that 2023 can be the year cryptocurrency cyber security teams take their revenge?  

In this episode, Ian Andrews (Chief Marketing Officer, Chainalysis) is joined by two experts from the Cyber Risk team at Kroll, Christopher Ballod (Managing Director) and Jaycee Roth (Associate Managing Director), about this possibility.

Chris and Jaycee walk us through the last 18 months of cyber incidents and ransomware and highlight the changing ransomware attack vectors and changes in the cyber insurance markets. We also learn that companies are getting better at protecting themselves and are becoming less likely to pay ransoms. 

Quote of the episode

“We have three forensic objectives of what we’re trying to prove or disprove when we come into these situations. The first is really how do they get in, if we can figure that out with the evidence available. The second is, was there any access to data? So did the threat actor open up any files and folders while they were in your network? And then the last is, really, did they exfiltrate any data? So did they copy out your files and folders from your digital environment and take them into their own?” – Jaycee Roth (Associate Managing Director, Cyber Risk, Kroll)

Minute-by-minute episode breakdown

  • (2:20) – Understanding the various industries Kroll is involved in and how they expanded into the cryptocurrency cyber security and risk 
  • (4:55) – When did cryptocurrency start playing a major role in incident response when dealing with cyber threat actors
  • (11:04) –Start to finish. How does an incident response team respond to cyber threat emergencies?
  • (15:00) – Are companies getting better in 2022 at protecting themselves and their customer’s data against ransomware?
  • (17:55) – What role do cyber insurance plans play in ransomware attacks and payouts
  • (21:40) – The shift of cyber attackers’ focus from business to personal hacking attempts
  • (25:35) – Understanding where the vulnerabilities are in our personal and professional network
  • (30:05) – 2023 Ransomware and Incident predictions and potential outcomes

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

*It is noted that Kroll is a Chainalysis partner. 

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