As the instances and threat of ransomware continues to wreak havoc on both businesses, governments and individuals around the world, it seems as though bitcoin has found itself closely intertwined with the malicious software.
As The Wall Street Journal pointed out on Friday (Aug. 19), cybercriminals have earned millions through ransomware schemes of encrypting computer systems and files, only to hold them hostage for ransom. Interestingly enough, bitcoin seems to be the currency of choice for many hackers when they are looking to collect untraceable funds from their victims.
Though ransomware isn’t a new threat, the availability of improved encryption software and the growing usage of bitcoin have contributed to a spike in the dangerous malware.
Data from the U.S. Department of Justice showed that in 2016 alone, the number of reported ransomware attacks have quadrupled since last year, reaching an average of 4,000 attacks per day.
These types of attacks