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Bitcoin bubble a motivation for hackers

The proportion of companies experiencing financially motivated cyber-attacks has doubled over the last two years, claims Cyber security provider Radware.

Report on financially motivated cyber-attacks
Report on financially motivated cyber-attacks

One in two companies surveyed for Radware’s 2017-2018 Global Application and Network Security Report says they have experienced a cyber-attack motivated by ransom in the last 12 months alone.

Andrew Foxcroft, regional director for Radware UK, Ireland and Nordics, attributes the rise of such attacks to the growing value of bitcoin and other cryptocurrencies throughout the period covered by the report.

He said: “The rapid adoption of cryptocurrencies and their subsequent rise in price has presented hackers with a clear upside that goes beyond cryptocurrencies’ anonymity. Paying a hacker in these situations not only incentivises further attacks, but provides criminals with the funds they need to continue their operations.”

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