bitcoin reserve ransomware attack

Bitcoin Reserve

Banks Prepare for Ransomware Attacks

The threat of ransomware attacks is ever increasing as banks are now beginning to buy cryptocurrency in order to pay off any cyber attack they may face. This ensures the banks that they will be ready to pay off cyber criminals if crucial files are held ransom.

Ransomware is a form of malware that encrypts files on a computer when a user clicks on a rogue link or attachment.

Once the files are encrypted, the user is demanded to pay a ransom fee, generally in bitcoin as law enforcement’s find it next to impossible to trace. If the ransom is not paid, the user will lose all of their files.

A ransomware attacker has been most commonly known for attacks on individual home computers, however, Marcin Kleczynski, CEO of cybersecurity company Malwarebytes, has told the Business Insider the number of ransomware attacks on businesses is rising.

“In the last six to 12 months, this has just gone so aggressively to the business environment,” Kleczynski says. “We see companies from 25 people all the way to 250,000 people getting hit with ransomware.”

Research by Osterman reveals that 54% of 540 businesses under the survey have been attacked by ransomware within the last 12 months. The statistics how that the financial and healthcare industries are the most targeted by cyber criminals.

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It seems that the banks are preparing to fall victim to a ransomware attack rather than actually preparing a plan to mitigate the threat. 

“I talked to a couple of banks and they say they have 50-100 ($28,520 – $57,041) bitcoin ready at all times in a wallet to deploy if a ransomware attack hits,” Kleczynski said.

In a lot of cases, people’s hands are tied when fallen victim to a ransomware attack. The clock is ticking towards a short deadline which leaves you very little choice but to pay up. Weighing up the value of crucial data over money should not be a hard decision to make, ignoring the threat could lead to a more serious penalty.

The increase in ransomware shows the lack of awareness companies have on the subject of phishing emails. There is very little an individual can do if fallen victim to ransomware, however, the right training and awareness can help you recognize these types of attacks which could save your company from the sting of ransomware.

To learn more about how can protect you, visit our Full Stack Email Security page here.
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