Interest rates down, bitcoin stockpiles up

The Guardian and the International Business Times offer a sidebar to the ‘Do/should businesses/organizations pay up?’ discussion, by revealing that financial institutions are amassing bitcoin in case of extortion. However, both articles are focused on DDoS attacks and related extortion demands rather than ransomware. The IBT article doesn’t really go into the question of whether paying up is a Good Thing, except to quote Dr. Simon Moores: ‘”The police will concede that they don’t have the resources available to deal with this because of the significant growth in the number of attacks.” The article in the Guardian (from which the IBT seems to have drawn most of its content) does explore that issue in more depth, but doesn’t discuss ransomware at all.

However, IBT does quote Marcin Kleczynski of Malwarebytes as saying a couple of months ago that he knew of UK banks that have substantial quantities of bitcoin ready to deploy in the event of a ransomware attack. Well, that’s going to discourage the bad guys, isn’t it? 😦

International Business Times: UK banks allegedly stockpiling Bitcoin to pay off cybercrime extortion threats – Police ‘don’t have the resources’ to combat cyber extortion attempts, expert claims.

David Harley

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