Corporations begin stacking up on Bitcoin, to deal with ransomware attacks

Corporations begin stacking up on Bitcoin, to deal with ransomware attacks

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There’s no denying in the fact that the increased popularity of bitcoin, and the anonymity that it offers, represents a great benefit for black hat hackers throughout the world.

During the year of 2016, there have been numerous reports on Bitcoin-based ransomware attacking computers from all around the world. For those who do not know, a new trend has emerged on the market, targeting businesses, and various types of institutions. Basically, hackers install ransomware on the computers of institutions, thus locking the actual users out of the systems. Upon trying to log in, authentic users are usually granted by a message requesting the transfer of a particular sum in Bitcoin, in order to have their computer systems unlocked.

This practice has been present for a while, but it has become considerably bigger, and shaped itself into a trend last year. While authorities have begun a war against ransomware hackers, they are still around, and bitcoin remains their digital currency of choice.

Because of this aspect, numerous US-based corporations, which are often the main target, have begun buying bitcoin in bulk, in order to prevent losing access to their servers and computers, via hacker-set encryption software. Upon having their systems hacked, they now also have the funds available, needed to pay the hackers, and regain access to their system.

By far, this isn’t a good solution, as rather than paying black hat hackers, corporations should focus on increasing their security measures, educating their employees about internet safety, and trying their best to not be affected by an encryption. However, if it does happen in the long run, having bitcoin ready, on-hand, is a good practice.

Based on everything that has been outlined so far, what do you personally think about the continuous presence of bitcoin ransom wallets, and the practice of encrypting the computers of corporations for monetary benefits? Let us know your thoughts in the comment section below.

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