Banks are stockpiling BTC in case they get hit with ransomware

posted almost 6 years ago
In a recent interview to Business Insider CEO of cybersecurity firm Malwarebytes Marcin Kleczynski said that banks are starting to prepare for the threat of ransomware as the frequency of attacks increases.

"I talked to a couple of banks and they say they have 50-100 bitcoin ready at all times in a wallet to deploy if a ransomware attack hits", - he said.

A cybersecurity CEO said the problem of ransomware is now so bad that banks are buying cryptocurrency so that they're ready to pay off criminals if their files are held to ransom.

Ransomware is a type of malware that affects a computer or network and encrypts files, meaning a user can't access them.
The files are unlocked if the target pays a ransom to the criminals who run the scheme. That ransom is almost always paid in BTC, so it's extremely difficult for the police to track.
Tags: news, bitcoin