Would Killing Bitcoin End Ransomware?

Ransomware is running rampant. The SonicWall GRID Threat Network detected an increase from 3.8 million ransomware attacks in 2015 to 638 million in 2016. 

According to a Radware report, 49 percent of businesses were hit by a ransomware attack in 2016. 

Quite often the attacker asks for some amount of cyber-currency, usually Bitcoin, in exchange for providing a decryption key.

One question this raises is whether ransomware attacks would decrease if Bitcoin ceased to exist? Security experts answer that question with a resounding “no”, indicating that cyber-criminals would just move on to another anonymous payment method to continue their extortion.

“Getting rid of Bitcoin to stop ransomware would be like the US Government getting rid of $100 bills to try to stop drug dealers from laundering their dirty money. It’s not the right solution. 

“Would it momentarily create a bump in the road for cyber attackers who are making millions off of ransomware? Absolutely, but only for a fleeting moment,” said Richard Henderson, global security strategist at Absolute.

He added that attackers will just switch to any of the dozens of other popular virtual currencies, or switch to other easily launder-able instruments like prepaid credit cards. “Remember, the GreenDot MoneyPak was a favorite among cybercriminals not too long ago. Attackers will just find another way to get paid.”

While paying the ransom is highly discouraged, many of the security experts said the only way to seriously reduce ransomware is through user education.

GigaCycle:

Both Police & Business Must Deal With Cyber Extortion:

How To Deal With The Rising Tide Of Ransomware:

‘Magic’ Ransomware Is Based On Open-Source Code:

 

 

« No Easy Fix For SME Cybersecurity
Cybersecurity Breaches Cost UK Businesses Close To £30bn Last Year »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Our Supplier Directory lists 6,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

The PC Support Group

The PC Support Group

A partnership with The PC Support Group delivers improved productivity, reduced costs and protects your business through exceptional IT, telecoms and cybersecurity services.

RCMP Cybercrime Strategy

RCMP Cybercrime Strategy

The RCMP Cybercrime Strategy sets out in an Operational Framework and Action Plan to combat cybercrime.

Karamba Security

Karamba Security

Karamba provide an IoT Security solution for ECUs in automobiles which ensures that all cars are protected (not just autonomous cars).

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

HYPR

HYPR

HYPR Decentralized Authentication minimizes the risk of enterprise data breaches while providing an enhanced user experience for your customers and employees.

SteelCloud

SteelCloud

SteelCloud has spent the last decade inventing technology to automate policy compliance, configuration control, and Cloud security.

Barbara IoT

Barbara IoT

Barbara is an industrial device platform specifically designed for IoT deployments.

Greylock Partners

Greylock Partners

Greylock Partners is a leading venture capital firm based in Silicon Valley. We invest in all sectors of enterprise software technology including applications, cloud/SaaS, networking and security.

OwnZap Infosec

OwnZap Infosec

OwnZap Infosec aims to digitally shield the cyberspace by offering services like Penetration Testing and Red Teaming, Infrastructure Security Testing, and Vulnerability Assessments.

Viria

Viria

Viria is an information and security technology solution provider that promotes digitalization in a secure way.

Beyond Encryption

Beyond Encryption

Mailock by Beyond Encryption is a secure email solution that allows businesses to exchange email securely, safe in the knowledge that their email can only be read by their intended recipient.

Information & Communications Technology Association of Jordan (int@j)

Information & Communications Technology Association of Jordan (int@j)

The Information & Communications Technology Association of Jordan is a membership based ICT and IT Enabled Services (ITES) industry advocacy, support and networking association.

1898 & Co

1898 & Co

Keep your critical assets secure with a comprehensive portfolio of services from high-level assessments to fully managed security services designed for operational technology applications.

Commonwealth Scientific & Industrial Research Organisation (CSIRO)

Commonwealth Scientific & Industrial Research Organisation (CSIRO)

CSIRO is Australia's national science agency. We solve the greatest challenges through innovative science and technology.

Nortal

Nortal

Nortal is a strategic digital transformation partner for leading companies and governments around the world.

Dryad Global

Dryad Global

Dryad Global offers a comprehensive suite of maritime intelligence solutions, including a best-in-class situational awareness, planning and security system and industry-leading cyber protection tools.

UFS Technology

UFS Technology

UFS, the bank technology outfitter for community banks, provides purpose-built, bank-exclusive technology services and solutions including cybersecurity.