G7 Warns of Crypto Threat From Tidal Wave of Ransomware Attacks
Paying ransomware hackers to decrypt infected computers doesn't always work, and may even be a crime in some countries.
We are living in a world where the second-order effects of permissionless money – like the greater use of ransomware – are already evident.
The cybersecurity specialist foresees a rise in crypto crime ahead in 2021 as the COVID-19 epidemic hits national economies.
“People are paying bitcoin to criminals and claiming back cash” via insurance claims, Ciaran Martin said.
Japanese gaming giant Capcom’s networks have reportedly come under attack, with criminals demanding a bitcoin ransom in exchange for not leaking confidential company information to the public.
The U.S. Treasury Department has outlawed certain ransomware payments. If it was serious, it would go further, says our columnist.