London banks are hoarding bitcoin to mitigate possible future attacks extortion software

London banks are hoarding bitcoin to mitigate possible future attacks extortion software

Bitcoin is used to pay the ransom and extortion software attacks this is not what happens. However, fresh large banks started hoarding bitcoins to reduce possible future attacks extortion software. Despite these hoarding bitcoin money should be spent on improving the IT department, but financial institutions tend to take a more easy choice. Although the payment bitcoin ransom would only lead to more trouble. But in the current situation of network attacks, compared with network vulnerabilities and data loss caused by the financial and reputational consequences, London bank may think that buying bitcoin more cost-effective.



Negotiations could be disastrous and blackmail attack. The computer system and the important files are encrypted, once the attack, there is no real options to restore access. One solution is to create a regular offline backup of important data, but almost no one to do so. In this regard, the development of major banks and financial institutions have a long way to go.


The Bank of England to prepare for cyber attacks


Several large banks in London are planning to hoard coins, to prevent such attacks to attack them. I don’t know whether the banks realize that this will only lead to more network attacks. Once the criminals know bitcoin payment costs which institutions, other people will try to similar tactics. Ransomware is a rogue software, designed to prevent access to the computer system or data, until a ransom is paid, since the beginning of last century appeared in 80s. Now with the rapid development of Internet, it has become a “vigorous development” business, there are many criminals are exploring the market.


In the most convenient way to respond to the attack, never yield to the requirements should be a priority option. The bank’s reputation will not become better, this compromise decision will only make things worse. In fact, people would think the London bank is in the currency and IT safety credibility.


The irony is that from the beginning of the Bank of bitcoin is against bitcoin, because this to the center of the digital currency is a growing threat to their existing business model, and now hoarding bitcoins to reduce potential future blackmail attack. To embrace this global bitcoin only truly borderless global currency, banks refused to accept bitcoin, even closed bitcoin related business bank account, because the use of bitcoin global impact on their business profit is more and more obvious.


The UK government’s former ambassador Dr.SimorMoores said technology:


“The police admitted that they were not available resources to deal with this extortion attack, because the number of this kind of attack has been greatly increased. From a purely pragmatic perspective, financial institutions are exploring the need to keep hold of bitcoin, to become the target of high strength against their own, because this time the law enforcement departments can help them resume business in time.


At present it is not clear that banks are hoarding bitcoins. Although the bank may with the recent bitcoin prices have what contact. Large companies and institutions concerned and their services cannot be accessed because such extortion attacks, much higher than the price will pay the ransom. At the same time, each time the ransomware attacks will have different price threshold, criminals may start demanding millions of dollars in ransom.


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