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A recent survey by corporate networking firm Citrix has revealed that companies are ‘stockpiling’ bitcoin to use the cryptocurrency as ransom payment if faced with a ransomware attack.
Over the years, cybercriminals have conducted phishing campaigns, hacking endeavors and DDoS attacks as effective means to engage in cybercrime. In recent times, the emergence of ransomware malware has targeted everyday individuals and large companies alike. The malware typically uses cryptography to encrypt a target’s files on the hard drive, demanding a ransom payment – typically in bitcoin – in exchange for the decryption key.
Ransomware can disrupt operations across multiple industries and sectors in substantial ways. Critical institutions such as hospitals have also come under attack, leaving the administration no choice but to pay up the ransom demand to ensure that patient care isn’t affected.
One report that studied the particularly troublesome Cryptowall strain of ransomware over 2015 estimated