Banks Buy Bitcoin as Ransomware Attacks Wreak Havoc

Who would have imagined that traditional banks would be buying Bitcoin so soon? The answer is – probably no one. However, the far-sighted theory has come to exist, even it is aimed at protecting banks’ data from ransomware attacks.
According to the CEO of Malwarebytes – Marcin Kleczynski, the malicious ransomware programs have been posing severe security threats to banks. In order to ensure uninterrupted service, the banking industry is even prepared to pay the price demanded by cyber criminals to recover data from ransomware affected devices. He says:
‘I talked to a couple of banks and they say they have 50-100 bitcoin ready at all times in a wallet to deploy if a ransomware attack hits,’
Banks rely heavily on computers and network infrastructure for their day-to-day operations, and any disruption to its network will bring the whole operation to a stand-still. In addition, ransomware are becoming better each day. These constant improvements to malware code have made them virtually uncrackable.
While speaking to a leading business magazine, Marcin points out the shift in ransomware targets. Until recently, cybercriminals preferred to target individual computers, but now businesses are increasingly becoming the target of malware attacks. Ransomware are malicious software programs that infect computers by encrypting all files, leaving the user locked out of his/her own computer. In order to unlock, one will need a decryption key possessed by the cybercriminal. The only way to get the decryption key is by paying the ransom demanded by the hacker.

This post was published at NewsBTC on August 11, 2016.