Banks Are Stockpiling Bitcoin To Pay Ransomware Demands

Even though dealing with Bitcoin ransomware can be done without paying the fee, the majority of corporations are stockpiling Bitcoin “just in case”. But it looks like they are not the only ones doing so, as various banks are thinking along the same lines. This “roll over” attitude by the banks will not do them any favors, though, as they are openly inviting internet criminals with this approach.

Ransomware Education is Better Than Paying The Price

Banks have been struggling with innovation and newer technologies for quite some time now. Not just in their own financial departments, but also regarding security. The recent Bangladesh bank heist is just one example of how technology is being used in the financial sector without worrying about security all that much.

To make matters even worse, banks do not seem overly concerned with ransomware attacks as this stage. To be more precise, financial institutions are buying Bitcoin just in case such an attack would happen. Not putting up a fight may restore file access quicker, but it also creates very dangerous precedents.

Unlike lightning, ransomware attacks will usually strike twice or more in quick succession. Anyone who has ever paid the ransom in Bitcoin opens themselves up for future attacks. Do not be mistaken in thinking such incidents are once-in-a-lifetime occurrences. Internet criminals coordinate these attacks and will continue to go after targets who pay up the fee.

With the number of ransomware attacks increasing spectacularly over the past 18 months, preparing for the worst seems like a plausible idea. Instead of learning more about these attacks or improving IT infrastructure, banks are willing to pay a hefty Bitcoin fee and continue like no attack ever took place.

By openly stating the banks are preparing to pay Bitcoin ransomware demands, they are only inviting hackers to try their worst. Such an attitude is very dangerous, and it is not unlikely a new wave of attacks will begin shortly. Unfortunately, a lot of innocent consumers will be caught in the crossfire. Then again, the banks are not overly concerned about that, as it won’t affect their own day-to-day operations.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.