Bitcoin Ransomware

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Greetings to you all!

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Bitcoin ransomware is kind of threat software which utilizes encryption for holding information of a victim until payment of ransom in Bitcoin. This kind of malware is becoming most popular in cybercriminals because of their anonymity and easy usage of Bitcoin. I will like to share about bitcoin ransomware intro, effects on impacts that it produce and some steps that can be taken for prevention.

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First of all let's discuss about working of bitcoin ransomware some of the fishing emails infected downloads of particular softwares and exploited vulnerability in operating systems or applications through which these kind of things spread.After that when malware is infecting a computer then it starts encryption of files so that they may be unapproachable to victim.Most commonly a specific deadline is offered by ransom and after that malware give threats for removing and destroying those files which are encrypted.

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Bitcoin ransomware is continuously increasing from year 2013 with proper outbreaks that contain CryptoLocker and WannaCry etc. These are se of thr attacks that ends as a result of financial losses for individuals and organizations globally. Cyber security ventures published a report according to their research from which onr information can be revealed that maybe by the end of 2025 20 billion dollars can be global cost of ransomware attacks.

Now I want to talk about impact of bitcoin ransomware so as this is not at all a positive thing that's why it can be very devastating. There are some of the individuals that can lose assessing there important files like their family photos or their documents related to finance. There can also be visible down time in businesses regarding lack in productivity and damage to reputation of a particular business or company.Sometimes victim seems to unable to pay because of too much demand from ransom.

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Bitcoin role can never be ignored when there are ransomware attacks or threats. Anonymity and decentralized nature of bitcoin attracts cyber criminals because these are some attractive characteristics. Transactions that are made on bitcoin are not very well known because these are pseudonymous which means that publicly there will be no exposure of identities of buyers and sellers of bitcoin. All these things make it tough for law enforcement for tracking and prosecuting these attackers.

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There's a need of multifaceted approach when time to prevent and mitigate bitcoin and ransomware attack comes. There should be implementation of cyber security measure include anti-virus software, software updating regularly and firewalls by individuals and organisations.This is really important to having reliable backup system in place so that if any ransomware attacks are occurring then data can be retrieved again through backups system.

For prevention of these type of attacks their can be different practices that can be followed by individuals or organisations;

• As I have mentioned that there should be implementation of security measures which include anti-virus softwares to be kept add destroy in case of presence of virus and firewalls implantation is also important.
• There should be ad regular updating of operating system and software.
• There should be usage of unique password and addition of two step verification.
• There should be precautions while opening your email address.
• There should be implementation of backup system for retriving data again if it was really important.

In conclusion I want to give highlights of my article in which I have discussed about bitcoin ransomware, bitcoin role itself in ransomware attacks,their working,risks and impacts,their mitigation practices and strategies.I will be here soon with another interesting topic.....

Have a blessed day