An insurance policy provider needed help to trace a ransom payment made on behalf of a policyholder who fell victim to a ransomware attack. They needed support to mitigate the risks and consider recovery options.
The challenge
Ransom payments are increasingly a reality yet bring significant risks around international sanctions and anti-terrorism legislation. When our client's policyholder was subject to a catastrophic ransomware attack, the need for forensic and investigative services was crucial – requiring real-time tracing of a bitcoin payment to mitigate these risks and formulate a recovery strategy.
How we helped
Working in close collaboration with the client, we established a notification and tracing protocol, and utilised advanced blockchain analytics. In an innovative departure from traditional asset tracing exercises, we carried out a live-tracing of the ransomware payment in real-time using proprietary attribution software.
The results
We successfully traced the payment to the client's satisfaction, and monitored certain elements for a period after. This gave the policyholder time to focus on restructuring systems and security protocols.
This case sets a benchmark for navigating cyber threats and emphasises the significance of early expert involvement in dealing with digital assets.
