From the ransomware cases of past couple of years, it is clearly evident how cryptovirological attacks and Bitcoin go in hand in hand. The operators demand ransom money in the form of cryptocurrency for ransomware decrypt. Since Bitcoin transactions are carried out in an absolute anonymous setting, therefore it has always been a tricky task for researchers to estimate the real amount of money made by cryptovirological operators in ransom payments.
Media reports often claim that ransomware operators have made millions of dollars in this regard. However, academic researches on the subject tell a different story altogether. A study has been conducted by cyber security researchers from Australia and Canada that refutes these hyperbolic claims.
These researchers have concluded that the economical impact of Bitcoin payments for ransomware decrypt is not that significant. Even though numerous Bitcoin-oriented ransomware attacks have been launched, the perpetrators haven’t been successful in making the most out of them. Multiple inferences can be made from the findings of this research.
Professional services over ransom payment:
Experts are of the belief that more organizations prefer to avail professional services for ransomware decrypt instead of playing into the hands of cybercriminals. Law enforcement bodies also advise the targeted entities not to trust the operators and go for legitimate professional help to restore their ransomware affected files.
Cryptocurrency is still a fringe economy:
Professionals who are closely following the worldwide activity of cryptocurrency advocate that amid all the rage associated with Bitcoin, it is still not considered a part of mainstream economy. As a result, all the ransomware-related cryptocurrency activities have somewhat least impact on the economy.
Inscrutability masks the real extent of ransomware losses:
Bitcoin is used by ransomware operators because of the anonymity linked to its transactions. Therefore, one can’t be explicit about the exact amount ripped off by ransomware operators in ransom payments. Moreover, numerous ransomware attacks on small organizations and companies are not reported anywhere. They quietly deal with the situation by paying the operators for ransomware decrypt. This anonymity surrounding the overall business of ransomware masks the real extent of its damage.
For assistance on file recovery, please contact MonsterCloud Cyber Security experts for a professional ransomware removal.
