The Simply Smarter Blog

Why Bitcoin Emboldens Hackers?

Melanie Camacho /

Doesn’t it seem like more and more cybersecurity horror stories are popping up in your news feed? I know I’ve seen an uptick, especially these past few months. Cybercrime is becoming child’s play for brazen hackers with little to fear and a whole lot to gain. The ambiguous nature of bitcoin and the extremely difficult pursuit of apprehending cybercriminals has emboldened them to make audacious ultimatums.

Over the Fourth of July weekend, the ransomware gang REvil that hit JBS Foods last month made headlines once again for a ransomware attack that started with Florida-based IT firm Kaseya in an attempt to extort a $70 million bitcoin payment. While extraordinary attacks like these are newsworthy, small and midsize businesses (SMB) are getting hit too, and a majority are paying to get their data back.

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