Do you think organizations would benefit from having a cryptocurrency fund to use in the event of ransomware?
Yes - could be beneficial34%
Perhaps, but it would encourage attackers56%
No - unlikely to be beneficial 9%
Other (explain below if you can)1%
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Senior Information Security Manager in Softwarea year ago
Part of ransomware incident prep is creating a Bitcoin wallet. That needs to be ready before trying to recover.
Trying to create a wallet and get funds into it is not that complicated. But in the corporate world, doing that can take much time.
Attackers will likely demand payment in Bitcoin. Setting up a wallet can take time and blow a ransom deadline.
The book ‘Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction’ has good info on the topic: https://amzn.to/3zT57N0
The concept of having a cryptocurrency fund to address ransomware attacks is a contentious one. On one hand, it could provide organizations with a quick means to resolve such incidents, potentially minimizing downtime and associated costs. However, it's important to weigh this against the risk of encouraging further attacks. Thus, while the idea has merit, it requires careful consideration and a strategic, multi-layered approach to cybersecurity.