Firms storing bitcoin ‘as insurance’ to pay hackers

Companies hoarding stockpiles of online currency to pay cybercriminals’ ransoms are doing so as a form of insurance policy, according to a leading expert.
Malwarebytes EMEA vice-president Anthony O’Mara was reacting to comments made by company founder Marcin Kleczynski, who highlighted the growing trend of companies putting thousands of euro in online currency aside to pay criminals in order to get their business back up and running as swiftly as possible in the event of an attack.
‘I think prevention is the first thing that people are going to look at and after that, whether it’s bitcoin or something else, it’s just another form of insurance,’ said Mr O’Mara.
‘Whether you’re paying an insurance company in case a window gets broken or you hold something to pay out, it’s an insurance policy.’

This post was published at Examiner on August 18, 2016.