Ransomware threats making British companies stockpile Bitcoins!

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Ransomware threats are on the rise and this is making British companies take preventive measures to counter any such situation. One such measure taken up by most companies operating in the UK is to stockpile Bitcoins to use the purchased crypto as ransomware hush money.

Yes, Paul Taylor, the former Cyber Chief in UK’s Minister of Defense has stated that most company executives of large firms are terrified of a spike in similar attacks to ransomware that crippled NHS for weeks early this year. And for this reason, they are lining up to Bitcoin Exchanges to stockpile the digital currency to bail them out of any cyber attack situation- mostly ransomware.

The concern among the executives is so prevalent that they are hiring new employees especially to create and maintain digital wallets and monitor the cryptocurrency price rise- which has been soaring in the recent weeks.

Paul says that the situation is such that executives are ready to hedge against the inflation of the digital currency in order to keep a hack under wraps if it strikes their business.

“There is a growing concern among executives that it is cheaper and easier to pay a ransom than it is to report a breach to the law enforcement agencies and let the world know it through the media. Though, most of the organizations do not confirm this trend. It is really prevailing”, said Raj Samani, the Chief Scientists, McAfee.

So, is it really that cheap to buy bitcoins and come out of any cyber attack situation?

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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