Untraceable Ransom Payments Can Be a Lucrative Opportunity for Hackers as Cryptocurrencies Increase in Value
MAHWAH, N.J., Jan 17 (Bernama-GLOBE NEWSWIRE) -- Radware® (NASDAQ:RDWR), a leading provider of cyber security and application delivery solutions, has released its 2017-2018 Global Application and Network Security Report, which found that the percentage of companies reporting financially motivated cyber-attacks has doubled over the past two years, with 50% of surveyed companies experiencing a cyber-attack motivated by ransom in the past year. As the value of bitcoin and other cryptocurrencies - often the preferred form of payment among hackers - has appreciated, ransom attacks provide an opportunity for hackers to cash out for lucrative gains months later.
"The rapid adoption of cryptocurrencies and their subsequent rise in price has presented hackers with a clear upside that goes beyond cryptocurrencies' anonymity," said Carl Herberger, Vice President of Security Solutions at Radware. "Paying a hacker in these situations not only incentivizes further attacks, but it provides criminals with the vital funds they need to continue their operations."
MAHWAH, N.J., Jan 17 (Bernama-GLOBE NEWSWIRE) -- Radware® (NASDAQ:RDWR), a leading provider of cyber security and application delivery solutions, has released its 2017-2018 Global Application and Network Security Report, which found that the percentage of companies reporting financially motivated cyber-attacks has doubled over the past two years, with 50% of surveyed companies experiencing a cyber-attack motivated by ransom in the past year. As the value of bitcoin and other cryptocurrencies - often the preferred form of payment among hackers - has appreciated, ransom attacks provide an opportunity for hackers to cash out for lucrative gains months later.
"The rapid adoption of cryptocurrencies and their subsequent rise in price has presented hackers with a clear upside that goes beyond cryptocurrencies' anonymity," said Carl Herberger, Vice President of Security Solutions at Radware. "Paying a hacker in these situations not only incentivizes further attacks, but it provides criminals with the vital funds they need to continue their operations."
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