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The Use of Bitcoin in Ransomware

By Del Peñano
Aug 23, 2017

The Use of Bitcoin in Ransomware

The rise of ransomware is prevalent, whether we are consumers or businesses, we have the potential to be a victim of this very common malware. Today, I will provide insights on the five key points of Bitcoin, since that is how most, if not all, ransoms are paid.

But first, let’s define ransomware. Ransomware’s main purpose is to extort money payable in Bitcoin in most cases. The perpetrators inject malware, which can either encrypt or deny access to one’s computer or server, unless a ransom is paid, in exchange for a decryption key, thus giving the user back access to their own files or system. It’s all important to note that there’s no guarantee that the victim of a ransomware attack will even get the decryption key after paying a ransom, or it’s possible that cyber thieves may come back a few months later demanding ransom again. It’s also important to state that some organizations choose not to pay the ransom and the reason that some are able to that is because they have other means in place, like additional servers where they backup their important data to the cloud, therefore, they are not forced to pay. As I stated earlier, victims of ransomware are extorted for money, in this case a digital currency like Bitcoin, a form of cryptocurrency.

##Top Five things to know about Bitcoin:

In conclusion, here are some best practices to help mitigate cyberthreats:

Given the rise in ransomware and other malware attacks, it’s of the utmost importance to follow the fundamentals of protecting your data and network as listed above. Call Jungle Disk today to learn about our Data Security Suite at 1-888-601-0401 or take network test here.