Bitcoin = More Ransomware

Discussion in 'Cyber' started by Pathfinder, Feb 19, 2017.

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  1. Pathfinder

    Pathfinder Lieutenant Colonel

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    Ransomware has exploded, thanks to Bitcoin’s anonymity

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    DEAN TAKAHASHI@DEANTAK FEBRUARY 19, 2017 11:35 AM

    Ransomware is one of the oldest cyberthreats, but it has made a big comeback in the past couple of years because it has become much easier to perpetrate against consumers, businesses, hospitals, and government agencies.

    With ransomware, cyber thieves steal a user’s data and threaten to destroy it unless the user pays them a ransom. One study by Infoblox found that ransomware increased 3,500 percent from the fourth quarter of 2015 to the first quarter of 2016. Ransoms paid also went up 10 times during that period.

    Chris Young, CEO of Intel Security, said last week at a private dinner and in his keynote speech at the RSA security conference that ransomware was first detected in 1989, but it didn’t explode until recently. In the past, it was easier for law enforcement to catch the perpetrator as they tried to pick up the ransom.

    “It wasn’t until the advent of Bitcoin in our society that ransomware was able to take off,” Young said. “Because now, as an attacker, I can anonymously monetize my target.”

    http://venturebeat.com/2017/02/19/ransomware-has-exploded-because-of-bitcoins-anonymity/
     
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