Why Ransomware Is Important Discussion When Embracing Crypto
Crypto ownership should come with cybersecurity awareness and the adoption of best practices in fending off the threats of possible direct crypto theft as well as extortion and ransom demands.
Despite all the skepticism, cryptocurrency adoption has steadily risen over the years. The number of people who are expected to use crypto as a payment method or for other purposes is expected to surpass 300 million in 2024, significantly higher than the current number of users. It appears all the doubts and mockery have not stopped cryptocurrencies from gaining new adopters.
This may give crypto fans a boost, but it is not meant to hide the unflattering details that skeptics assail, especially when it comes to the risks and threats. Downplaying the dangers is counterproductive and unhelpful towards meaningful crypto adoption. The growing number of ransomware attacks, in particular, is an important point to discuss substantively.
Aside from preparing for the possibility of crypto theft and price crashes, crypto users should also watch out for cases of ransomware attacks. The link between the two may be obscure but they are worth exploring, especially for those who are new to the world of cryptocurrency.
Preferred Ransom
Digital currency that affords some degree of anonymity has been the preferred currency of cyber criminals. Several high-profile attacks involve bitcoin or other cryptocurrency demands for the ransom. In a 2021 attack, for example, major meat supplier JBS reportedly paid a ransom in Bitcoin worth $11 million. The Colonial Pipeline attack in 2022 forced the American oil pipeline system company to shell out $5 million. Most ransomware attacks have resulted in ransom payments.
A survey among companies that have been affected by ransomware attacks reveals that an overwhelming majority of them decide to pay the ransom just to recover their hostage files and restore normal operations as soon as possible. For many, it costs them less to pay the ransom than to go through the lengthy process of cracking the ransomware decryption code to recover files and go after the perpetrators. This is unfortunate and discrepant with industry and government policy on ransom payment.
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