Bitcoin Ransomware And Remote Working: What The Future Holds

With an increase in remote working, the chances of ransomware attacks have also increased. Be it any business or government organization, the majority of the staff is working from home. This pandemic has also given a boost to the cybercrimes.

What Is Ransomware?

It is malicious software that hacks a system and only gives access when a ransom is paid. Since payment through cryptocurrency can be made anonymously, it is easy for cybercriminals to hide their identities.

The cybersecurity departments of the United States and the United Kingdom have already issued warnings about the ever-increasing cyber scams. However, phishing scams are not just limited to individuals. The University of California also became the target of a ransomware attack. It had to pay $1.14 million in Bitcoin for the ransom amount.

Incidences like this show how easily scammers are misusing cryptocurrencies because of the anonymity of this asset. After receiving the ransom amount in cryptocurrency such as Bitcoin, it is then converted and cleaned.

What Employees Should Do?

When the systems of employees are hacked, it is the company that suffers. To stay safe and prevent the ransomware attack, companies should teach their employees to keep their computers safe.

Whenever ransomware hits the system, three things happen:

  1. Data encryption
  2. Ransomware payment
  3. Data decryption

Data is encrypted in many ways. The hackers may hack the system through email or a vulnerable network. If you want to protect the data at your end, invest in firewall software. Another method to stay protected is to use strong passwords. Don’t keep the password for a long duration though, keep changing it often.

Is It Optimum To Pay The Ransom Amount?

The hackers usually hack valuable data through a vulnerability in the network. This data may represent the company itself or its clients. In both of these situations, the hacked data can be sold to other hackers.

If the data means a lot to you or if it can damage your equation with the clients, then as a company or business you should pay the ransom. This question has different meanings in different situations. But one thing is sure, whether you decide to pay or not to pay the ransom, keep your systems or networks protected.

Since it is easy for the hackers to hack valuable data about your company under your nose and you won’t be able to do anything except paying the ransom amount. If the ransom amount has to be paid in cryptocurrency, you can’t even track who the hacker is.

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