Banks Buy Bitcoin as Ransomware Wreaks Havoc

Who would have imagined that traditional banks would be buying Bitcoin so soon? The answer is – probably no one.  The recent increase in Bitcoin ransomware attacks on banks and financial institutions has forced them to take this extreme step.

According to the CEO of Malwarebytes – Marcin Kleczynski, the malicious ransomware programs have created a huge security threat 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

Read more ... source: NewsBTC USA