REDLEGG BLOG

Bitcoin soars, but with unforeseen consequences

Jan 10, 2018 12:52:28 PM  |  by Max Kurinsky

Bitcoin, in case you have been living under a rock for the past six months, has been skyrocketing in price lately. While this is great for anyone who invested before the boom, it has had some unforeseen consequences. Bitcoin also happens to be the chosen currency demanded in most ransomware attacks. Ransomware attacks have been on the rise in the past few years, but have seen a large spike in the past few months.

Most ransomware would demand a payment of between .5-1 bitcoin. Since the price surge 1 bitcoin is worth almost $20,000; this type of demand is unreasonable for the average person. Ransomware hackers are now needing to consistently adjust the price of the ransom in order to get a good payout ratio.

Another unforeseen side effect of bitcoin soaring is hackers who have been in the ransomware field for a while now have astronomically larger sums of money. What they choose to do with this could determine the amount of danger on the web for the next couple years. These previously struggling hackers can now purchase even more complicated bot networks and equipment. Nobody can predict the exact long-term effects, but most experts agree they will not be positive. The main thing to do is remain informed on ways to prevent ransomware attacks from affecting you.

Here Are Five Easy Tips to Prevent Ransomware from Affecting You:
1) Regularly back up your data
2) Run a reputable anti-virus software
3) Keep any computer software fully up to date
4) Don’t open files if they come from unknown sources
5) If you think you opened ransomware immediately turn off the internet connection

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