In recent years, businesses have witnessed the proliferation of
cyber attacks, hacking, and other digital threats. One common
threat is ransomware. In a ransomware attack, a company may lose
access to critical systems and information until it pays a ransom
or otherwise manages to defeat the malicious software affecting its
operations. Due to their ability to help conceal the identities of
the transacting parties, cryptocurrencies—and, in particular,
bitcoin—have become a favorite medium of exchange for
ransomware attackers.
Opinions differ as to whether it is advisable to pay the ransom
in the event of such an attack. Recent FBI guidance suggests that implementing prevention
efforts and creating a business continuity plan are preferable
solutions. Nevertheless, companies insufficiently prepared for a
ransomware attack may find themselves with no choice but to pay the
ransom.
