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Article · Mar 6, 2017

Ransomware Headlines: Why are businesses stocking up on bitcoins?

Color illustration of laptop screen showing a security warning.

Bitcoin is the “currency of choice” for cybercriminals because of its hard-to-trace characteristics. When a cybercriminal takes your files hostage, they usually demand ransom payments in the form of bitcoins. That's why many corporations have decided to stock up on the cryptocurrency, according to recent reports. But there are some big problems with that approach, including:

1. When you pay the ransom, there's no certainty that you will get your data back.
2. Once they know you will pay, cybercriminals might demand more money.
3. Paying the ransom makes it more likely you will be attacked again in the future.

The better alternative to paying the ransom is to get a reliable backup system. With a high-quality backup system in place, you can restore your important digital files without having to pay the ransom.

Attacks take most victims offline for a week
It many take only a second to click on a malicious link that infects your computers with ransomware, but the repercussions for your business can last for a week or longer, according to a story on ZDNet. The report sites research which suggests that as much as 85% of companies that fall victim to ransomware stay offline for at least a week, while a third do not gain access for a month or more.

Investigators suspect 'Lazarus' cybercriminal group in bank attacks
Remember earlier this year when numerous Polish banks discovered malware on their systems? In a strange turn of events, it now appears that the Russian cybercriminal gang originally believed to be responsible was framed, according to PC World. Poor use of the Russian language in the ransomware code tipped off investigators that someone else might be responsible. It is now believed that a cybercriminal gang known as Lazarus group is responsible for Ratankba ransomware, which was being used to target financial organizations in more than 30 countries.



News and views from the Carbonite team.

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