Banks Are Stockpiling Bitcoin To Pay Ransomware Demands

Even though dealing with Bitcoin ransomware can be done without paying the fee, the majority of corporations are stockpiling Bitcoin “just in case”. But it looks like they are not the only ones doing so, as various banks are thinking along the same lines. This “roll over” attitude by the banks will not do them any favors, though, as they are openly inviting internet criminals with this approach.

Ransomware Education is Better Than Paying The Price

Banks have been struggling with innovation and newer technologies for quite some time now. Not just in their own financial departments, but also regarding security. The recent Bangladesh bank heist is just one example of how technology is being used in the financial sector without worrying about security all that much.

To make matters even worse, banks do not seem overly concerned with ransomware attacks as this stage. To be more precise, financial institutions are buying Bitcoin just in case such an attack would happen. Not putting up a fight may restore file access quicker, but it also creates very dangerous precedents.

Unlike lightning, ransomware attacks will usually strike twice or more in quick succession. Anyone who

Read more ... source: TheBitcoinNews