The Dark Web is a bustling marketplace for illegal transactions and a haven for bad actors – but why should businesses care? From launchpad for cyber-attacks to source of valuable threat intel and even forum for legitimate transactions, the Dark Web is many things to different users, and was the topic of conversation at a recent panel discussion organized by SC Media.
Featuring experts from across the cyber security industry and hosted by Editor-in-Chief Tony Morbin, the panel discussed the risks emanating from the Dark Web and how to manage them.
From left: Tony Morbin, Lorraine Dryland, Jeremy Hendy, Megan Carmichael, Anthony Hess
For First State Investments CISO Lorraine Dryland and Skurio CEO Jeremy Hendy, a key concern is the use of credentials purchased on the Dark Web to launch phishing campaigns against businesses. This affects small and medium sized enterprises as much as large corporations, and training employees to spot fraudulent emails must be an ongoing effort. In fact, Megan Carmichael, Security Engineer at Gratte Brothers, sees criminals frequently exploiting the human factor as the weakest point in an organization.
For Kivu’s senior director Anthony Hess, the dark web is an ideal breeding ground for ransomware attacks. “What we’ve noticed is a rise in ransomware and the massive costs that are associated with that. There are two things that have supported this rise. Firstly, it’s cryptocurrency and the ability it provides to anonymously transfer funds. And, secondly the tools and capabilities available on the dark web – and the communication and collaboration that that environment creates for cybercriminals.”