Companies Are Stockpiling Bitcoin to Pay Off Cybercriminals

[the_poet]

Yet another shameful article linking Bitcoin to (cyber)criminals:

https://www.technologyreview.com/s/601643/companies-are-stockpiling-bitcoin-to-pay-off-cybercriminals/

[wintermeasures]

Yet another shameful article linking Bitcoin to (cyber)criminals:

https://www.technologyreview.com/s/601643/companies-are-stockpiling-bitcoin-to-pay-off-cybercriminals/

Damn, this kind of thing is what makes bitcoin will never be accepted by all circles of society, and make government more incentive would prohibit bitcoin in their country. 

[Cashew]

Any article that says that Bitcoin is being used by a certain group is a bad article.

Flash news : Al-Qaeda is using cars and phones. Contestation marchs are being organised in all the country to ban these shamefull things !

[Bitcoinpro]

who are the companies

[tmfp]

Linked article, implies that shit IT security practices are the norm, hence the need for ransom money when they inevitably get attacked

http://www.professionalsecurity.co.uk/news/case-studies/ransomware-attack-study/

[NeuroticFish]

This kind of news will pop out now and then until more anonymous coins will become trusted by the bad guys. And then the news will stop, since those cannot be traced.

[LFC_Bitcoin]

Silly to think this is negative for bitcoin's reputation. How many times has fist been used as a ransom, countless times.

[Raimonn]

This are bad news for bitcoin image, and for It professionals. This companies need to invest more in security (the big problem is the low security on its network) if criminals see that they pay all the ransoms, they will ask for bigger amounts. Paying criminals never is a good decision.

[Hamukione]

who are the companies

This comment is golden ^^^

 

[NeuroticFish]

who are the companies

This comment is golden ^^^

 

I don't care who they are. But could I have their wallet private key?  please? 

[pariahbit]

Linked article, implies that shit IT security practices are the norm, hence the need for ransom money when they inevitably get attacked

http://www.professionalsecurity.co.uk/news/case-studies/ransomware-attack-study/

There are two ways to improve security:
1. Wear body armor every day, practice judo (what you propose).
2. Ask jackbooted thugs to rid the streets of criminals, i.e. "shoot all potential criminals in the face, pl0x!" (how modern society deals with crime).

[Yakamoto]

Well, it should be remotely apparent that the article merely comments on companies stockpiling Bitcoin, not that Bitcoin is directly the cause of anything. Just like Bitcoin being linked to terrorists, it's just another medium that is used, though admittedly is more effective and efficient for cyber criminals to use.

[JanpriX]

Nonetheless, whatever is the target of that article, it still produces bad image for BTC. This type of journalism produces a somewhat negative effect to our beloved coin. Hopefully, they will also provide more articles about the good usage of BTC.

[BellaBitBit]

Silly to think this is negative for bitcoin's reputation. How many times has fist been used as a ransom, countless times.

Exactly.  Pay no attention to it, fiat is just as bad.  They also need to back up this claim with more facts and names.

[Herbert2020]

if the company is good, they are not going to be infected in the first place to need to pay anything off to the criminals, and by the way these companies usually don't pay anything to the criminals because this can happen the next day of payment just as easily.

[enhu]

been accusing bitcoin since the start but it never stop us from using bitcoin though. would we stop today when the price is now souring? the development of cryptocurreinces are on its way so there's no stopping this train anymore no matter how bad these publicity are.

[X-ray]

Yet another shameful article linking Bitcoin to (cyber)criminals:

https://www.technologyreview.com/s/601643/companies-are-stockpiling-bitcoin-to-pay-off-cybercriminals/

Right, Some media,blog, or websites are exaggerating with bitcoin. So they make dropped article to bitcoin. Make bitcoin has a bad name in the community.

[Lauda]

Damn, this kind of thing is what makes bitcoin will never be accepted by all circles of society, and make government more incentive would prohibit bitcoin in their country.  

Wrong. This is a kind of thing that shows just how dumb the people in charge of these companies are (assuming that the story is not made up).

Allegedly, these companies use the following logic:
Instead of creating and keeping backups (which everyone should do for their own data) which costs X amount of money, we will buy X*k (k - number of incidents) amounts of Bitcoin to keep paying the cybercriminals.

[pariahbit]

Silly to think this is negative for bitcoin's reputation. How many times has fist been used as a ransom, countless times.

Exactly.  Pay no attention to it, fiat is just as bad.  They also need to back up this claim with more facts and names.

They DO back up their claims with facts and name, what's wrong with you?

A small survey by corporate networking company Citrix indicates that some IT professionals are even stockpiling bitcoins so they can pay up quickly in the event ransomware strikes their network. Out of 250 IT and security workers at U.K. companies with more than 250 employees, a third said they were stockpiling the currency. A researcher at Cornell recently tweeted that the university’s treasurer created an account with the Bitcoin exchange Coinbase so as to be ready if ransomware struck.

And yeah, fiat is behind more crime than bitcoin. That's because it's roughly a billion times bigger than bitcoin.

Damn, this kind of thing is what makes bitcoin will never be accepted by all circles of society, and make government more incentive would prohibit bitcoin in their country.  

Wrong. This is a kind of thing that shows just how dumb the people in charge of these companies are (assuming that the story is not made up).

Allegedly, these companies use the following logic:
Instead of creating and keeping backups (which everyone should do for their own data) which costs X amount of money, we will buy X*k (k - number of incidents) amounts of Bitcoin to keep paying the cybercriminals.

Excellent point.
If you don't wanna get raped, disfigure your face & cover yourself in pig shit. If you walk around without taking these basic precautions, don't blame the rapist, it's your own damn fault.

[franky1]

has anyone actually read the article and clicked the so called research??.. i know Lauda hasnt

ok here is the summary..
1. an MIT blog failed miserably at research.
2. it said that based on a survey 250 it professionals were surveyed.. well the "research" is a blog from citrex that said two thirds of the FTSE350 companies are using citrex's 10 step guide.. yet if you actually go to the guide https://www.citrix.com/blogs/2016/06/01/ten-steps-to-cyber-security-guidance-for-business/ and then use the "find" tool to find the word bitcoin.. guess what.. no mention of bitcoin whatsoever.

they even mention it has been updated in 2015.. and published it on the UK governments website
https://www.gov.uk/government/publications/cyber-risk-management-a-board-level-responsibility/10-steps-summary

so use "find" .. oh look no mention of bitcoin again

here they even made it into a glossy image... can someone point out the word bitcoin?


short version
this is a non-bitcoin story i think the OP is trying to twist to actually make people subtly think that big businesses are going on a bitcoin purchasing rampage. i think its a failed attempt at trying to spark a bitcoin price rise by suggesting lots of bitcoins are being bought up