A Look at Chainalysis’ Crypto incident response service 

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Yesterday, blockchain and transaction analysis provider Chainalysis launched Crypto Incident Response, a new incident response service designed to support enterprises that have been breached by threat actors who’ve demanded a cryptocurrency ransom. 

As part of the service, whenever there’s a data breach or ransomware attack where cryptocurrency funds are demanded or stolen, the victim organization can contact Chainanalysis’s team of advisors and data scientists via a 24/7 hotline, who will trace the funds and label them for recovery. 

This relatively new approach of combining cryptocurrency protection with incident response provides enterprises with another tool they can use to try and recoup funds if a threat actor manages to convince them to hand over their digital assets. 

Why are crypto incident response services emerging now? 

The release of the crypto incident response solution comes as the number of ransoms paid by enterprises continues to increase. 

According to financial exchanges and institutions, in 2021 alone, payments tied to ransomware attacks totalled $590 million, compared to $416 million in 2020. 

One of the main reasons for the high level of payouts is the evolution of the Ransomware-as-a-Service (RaaS) industry, and how skilled attackers are becoming at identifying, encrypting and exfiltrating critical data ass...

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