Bitcoin Is Helping And Promoting The Ransom Ware Attacks?
The secure payment system Bitcoin can be used for many legitimate purposes. It has benefited lots of cybercriminals who looks for new ways to extort money.
No matter it is CryptXXX or any other countless variants of data encrypting malware, the cybercriminals are using BTC to make lots of money every month off the back of swathes of infected victims, all of one paying more than hundred dollars each to get an access to their flies back.
A warning has been given by the cybersecurity researchers that the ransomware representing the most problematic cyber-threat. The most popular ransomware attack took place at the Hollywood Medical Center this year due to which the Los Angeles Hospital was forced to declare an internal emergency because their IT systems were held to ransom by hackers and locked down.
Typically, the ransom demands in the cryptographic digital currency Bitcoin, which offers a secure method of receiving and making payments. This makes it perfect for the people, who wants to hide their financial activities.
In the past years, the popularity of the Bitcoin has increased significantly and ransomware has hiked in 2016. David Emm who is the principal security researcher at Kaspersky Lab states that the presence of the anonymised payment mechanisms plays into the hands of cybercriminals.
The secretive nature of the Bitcoin has become so appealing for the cybercriminals and that’s why they want their payment in the form of Bitcoin because it will remain completely anonymous. The Cerber ransomware campaign not only demand the payment in the form of Bitcoin, but they also pass the currency through different Bitcoin wallets in the form of money laundering effectively, so that they can cover the cybercriminals tracks further.
The main reason for the cybercriminals to trade in the Bitcoins are its ability to remain undetected. The law enforcement can be avoided easily due to this.