Enterprises Rather Pay Bitcoin Ransomware Fee Than Improve Cyber Security

Companies are bracing themselves for future waves of ransomware attacks by the look of things, as they start to stockpile Bitcoin. While most digital currency enthusiasts would like to see them flock to Bitcoin for other reasons, internet criminals pose a serious threat. Preparing for the worst is, in some cases, the only course of action.

A Stock of Bitcoin Against Future Attacks

TheMerkle_Ransomware Bitcoin Cyber Security

One of the more disconcerting trends in the world we live in is the emergence of ransomware and malware attacks. Things have gotten so much out of hand that companies are proactively buying Bitcoin to pay any ransom in case an attack happens. While this may be a sound decision in some people’s eyes, the companies are inviting hackers to “do their worst”.

Citrix conducted a small survey to see how enterprises are dealing with malware and ransomware threats. As it turns out, some of them turned to stockpiling Bitcoin to get rid of an infection as soon as possible. To be more precise, on in three of the 250 companies indicates this was their current course of action.

It somehow makes sense for enterprises to take Bitcoin ransomware seriously. But at the same time, the question becomes whether or not they should have used the funds put into Bitcoin as a way to strengthen their security. Paying the ransom amount is the easy way out, and will only make matters worse in the long run.

The bigger concern is how this study also indicated half of the respondents do not perform regular data backups. In this day and age of cyber security and data breaches, enterprises need to get their priorities in order. Buying Bitcoin and playing the victim will not win them any sympathy.

In the end, studies like these go to show companies are not willing to invest in cyber security. They would rather leave the door wide open for hackers to infect their networks, and will gladly pay up the ransom amount. This is not acceptable by any means, and something has to change sooner or later.

Source; Technology Review

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