Should companies create Bitcoin accounts to be ready to pay ransoms?

In the past months, the press made public different security incidents involving companies being victims of ransomware (1)(2). Most of the time, a ransom had to be paid in Bitcoins. It’s logical as Bitcoins are much easier and cheaper to launder the money and hide the recipient than traditional money laundering circuits.

You may decide that dealing with cyber criminals is unacceptable (like for terrorists or kidnappers) but if you don’t have such policies and the amount of the ransom is lower than the overall cost of restoring your services by yourself (including manpower, business losses, public image), you may decide to pay the price. In such case, time is of the essence. In order to limit the impact and to comply with criminal’s conditions, you might have no more than 48 or even just 24 hours to pay your “lack-of-sufficient-security fine”.

But, how do you pay in Bitcoins and keep it under the radar in such a short amount of time. Imagining the time spent debating the question “do we pay or not”, the time left to actually pay will likely be very short. So, you better have your Bitcoin wallet ready and loaded or some agreement with a trusted Bitcoin exchange platform to guarantee the required discretion.  Bottom line, nowadays, it might become wise to include a Bitcoin wallet in your Disaster Recovery Plan.

Whatever you’ll decide, decide now and be prepared.

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