The days of hacking are not over but Bitcoin cyber crime is becoming the preferred option for many large scale hacking operations

Bitcoin cyber crime is taking an interesting twist

Bitcoin cyber crimeBitcoin cyber crime is something which you might think involves hacking computers for the gain of Bitcoin. Well it is but not on the way you might expect.

UK Banks are considering storing Bitcoin as a means to pay hackers off and stop them from executing extortion threats on their critical IT systems. Cybercrime has now moved into a different phase as the banks and other large organisations become all too aware of how vulnerable they are to hacking.

How it works

Bitcoin is a virtual currency, which is highly coveted by criminal networks. That is because it is difficult to trace. These days hacking is not all about breaching passwords. Hackers are able to execute  DDoS attacks from multiple servers thereby inundating computer servers with so much data traffic that they cannot function. Many of the major banks have fallen victim to DDoS attack and it causes them much damage to their reputation.

So the tendency now is for the Cyber criminals to make threats and should the bank consider they are vulnerable they choose to pay them money to remove the threat. Bitcoin is the preferred currency for these ransom payments. That is because it is not traceable and it does not involve an intermediary such as financial institution to receive the payment. The cyber criminals effectively obscure their identity.

It is not only the banks who have been held to ransom, many blue chip companies have been the victim of this new and open method of extorting money.

The scale of the cyber crime

Many organisations are storing stock of Bitcoin in case they become a victim of a cyber crime. Although the police do take an interest they admit they are overwhelmed. That is because of the increased number of cyber attacks taking place.

In a recent incident a DDoS attack on a large US DNS provider took out Twitter, Reddit, Payal and Amazon. Such is the propagation of such alarming news that organisations prefer to avoid the adverse publicity associated with an attack.

Dr Simon Moores, a former technology ambassador for the UK government. He said the scale and ferocity of the attacks meant some banks were coming round to the view that it was cheaper to pay off the criminals than risk an attack. Dr Simon Moores is also the Chairman of the annual international e-Crime Congress

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Disclaimer: This article only represents the author’s opinion and should not be taken as investment advice.

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