Four Quick Questions and Answers About Ransomware and Bitcoin

Bitcoin got caught in another media storm this week, though only in a supporting role this time around. The ongoing ransomware attack by the name of “WannaCry,” sometimes also referred to as “WannaCrypt0r,” “Wcry,” “WanaCry,” “WannaCrypt” or “Wana Decrypt0r,” infected over 230,000 computers in over 150 countries over the past couple of days, and demands that victims pay a ransom in the cryptocurrency.

So what is ransomware, and what does Bitcoin have to do with all of this?

What Is Ransomware?

Ransomware is a type of computer virus that encrypts data with a secret key. Only if a payment is made, typically in bitcoin, is the decryption key provided so victims can regain access to their data — or at least that’s the promise. An infected computer is quite literally held ransom, for actual money: bitcoin.

Unfortunately, ransomware is quickly growing in scope, and fast turning into a booming business for cybercriminals. In 2015, some estimated $24 million was paid to unlock computers, according to the FBI; in 2016, it hit a dazzling $1 billion. And that’s only expected to get worse this year.

WannaCry, which started last Friday, is the biggest ransomware attack the world has seen so far. This is mostly because

Read more ... source: Bitcoin Magazine

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