The Use of Bitcoin and Cryptocurrencies in Ransomware Attacks: Why Employers Should Care | Fisher Phillips

 The Use of Bitcoin and Cryptocurrencies in Ransomware Attacks: Why Employers Should Care | Fisher Phillips

As ransomware attacks continue to become more of a concern for employers of all sizes, an increasing number of hackers are demanding cryptocurrency such as Bitcoin in exchange for ending their attack. The recent ransomware attacks of Colonial Pipeline Co. and other corporations have shown us that Bitcoin and a familiarity with how to readily access the digital currency may be increasingly important for the modern employer. What do you need to know about this recent trend and why should you care about Bitcoin’s role in ransomware cases?

Why the Recent Rise in Attacks?

Employers’ reliance on technology increased substantially throughout the pandemic. Indeed, COVID-19 mitigation measures forced companies to utilize remote workforces for an extended time and in ways many never envisioned previously – and the remote work revolution doesn’t appear to be ending anytime soon. With the increase of remote work comes an increased…

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