« Back to Blog

The Use of Bitcoin in Ransomware

By Del Peñano
Aug 23, 2017

The Use of Bitcoin in Ransomware

The rise in ransomware is prevalent, whether we are consumers, SMB to enterprise business, we have the potential to be a victim of this very common malware and today, we will provide insights on the five key points of Bitcoin, since that is how most, if not all, ransom is 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 allowing the user to access files or system. It’s all important to note, there’s no guarantee that victim of ransomware will even get the decryption key after paying ransom or who’s to say, cyber thieves may come back a few months later demanding ransom again. It is important to state that some organizations choose not to pay the ransom and the reason, “some” are able to that is because they have other means in place, like additional servers where they “backup” to the cloud their important data, therefore, they are not forced to pay. As stated earlier, victims of ransomware are extorted for money and this is done by digital currency, like Bitcoin and these are the top 5 you should know about Bitcoin: In simple terms, Bitcoin is basically digital/electronic currency also known as “cryptocurrency,” allowing people (peer to peer) to send or receive money across the internet and parties are anonymous(somewhat). Imagine an environment where there truly is no “identity” associated with these transactions?

Top Five things to know about Bitcoin:

In conclusion, here are some best practice to implement to help mitigate cyberthreats: Be sure to update your security-software patches on regular basis Be sure to have at least 3 backups, local, external and remote (cloud) Be sure not to open unknown email attachments or clicking links in spam emails. Be sure to have in place, a cloud-enabled network protection service which can protect business from threats such as malware, ransomware, network intrusions, data leaks, and DDos attacks.

Given the rise in ransomware and other malware attacks, it’s the utmost importance to follow the fundamentals of protecting your data & 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.