New cryptocurrencies offer better anonymity, new security challenges

A new crop of anonymous cryptocurrencies, which are less traceable and offer greater privacy than Bitcoin, are gaining ground with cybercriminals. Despite the lower risk of being caught that cryptocurrencies like Monero and Zcash offer, Bitcoin remains the currency of choice for ransomware payments because it’s easier for the public to acquire.

The biggest impact that anonymous cryptocurrencies have on enterprises, at least in the short term, is that criminals are hijacking their computers to mine the currency. “If you’re doing something illegal like cryptojacking to make a profit, the money will only be good to you if you can stay out of jail,” says Bryan York, director of services at CrowdStrike, Inc.