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Ransomware is one of many threats that force IT organizations to shore up their processes.

With the Proliferation of Ransomware, Is Bitcoin Your Only Option?

Ransomware is one of many threats that force IT organizations to shore up their processes.Do you have a bitcoin wallet? That’s not a question that was posed very often a few years back, but it’s becoming common lately as ransomware attacks have grown more prevalent. The question you may be asking yourself today is, “why should I pay a ransom?”

The reason most companies end up paying a ransom after they’ve been hit with a cyberattack is that they want to preserve their reputation, their data, and in turn, their clients. Businesses don’t have the luxury of not negotiating with malicious actors who demand payment in return for their own data. And whatever amount is paid will only be payable in bitcoin, because it’s untraceable.

One factor leading to the proliferation of ransomware attacks is that many IT organizations aren’t good at patching or updating their systems and keeping data backed up. This allows cybercriminals an easy way in, and since the organization has no backup, they’re left without access to their sensitive and valuable data.

Some IT organizations are good at backing up their data, yet that generally only corresponds to critical servers, not end user systems where much of the data resides. And this is where most of the attacks are aimed – at end user systems.

Even for organizations that excel in patching and backing up, there are serious challenges when it comes to managing identities and controlling access to systems. This allows the infected code to seep across the system, going unchecked because it utilizes real accounts to gain access.

For organizations that do not patch, back up, or control access, they create the perfect scenario for a ransomware attack. This is when it becomes critical to have established a bitcoin wallet in order to regain control of data.

Ransomware isn’t the only enemy – there’s also extortionware and a host of other wiper malware with the sole intent of erasing data.

At MicroCorp, our clients count on us to keep their systems up and running and safe from attack. We do our part while educating end users to make sure they’re doing theirs. Contact us today to learn more.