, Columnist
Bitcoin and the Art of Extortion
Companies are hoarding the crypto-currency to pay off ransoms.
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Behind the rise of ransomware lies the rise of Bitcoin, the virtual currency of choice for hacker blackmailers who steal huge amounts of sensitive data. That doesn't mean Bitcoin is inherently to blame, but it does suggest that business has a Bitcoin problem. Buying the currency has become a form of short-term protection, however dicey, against attacks.
The logic is twisted but tempting. Hoarding Bitcoin to pay off hackers may seem a better option for companies that either don't or can't make the heavy investments needed to see off the attacks in the first place.