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Role of Cryptocurrencies in the Growth of Cyber-Extortion (Essay Sample)


In Assignment 2, you are required write a paper on the following topic:

The roles of cryptocurrencies such as bitcoin in the growth of cyber-extortion involving ransomware.

Your paper is expected to cover the following:

Recent growth in ransomware and cyber-extortion with some examples
Why cyber-extortionists demand that ransom be paid by cryptocurrencies such as bitcoin
What types of victims are likely to comply with cyber-extortionists demand to pay ransom with bitcoin?
Assume that you are the CEO of a bank. All of your bank’s files have been encrypted by cybercriminals. You received an email from the cybercriminals that they will decrypt the files only if you pay $30,000 by bitcoins. How would you respond? Why

Your analysis is expected to be about 1,400 words in length excluding the references. Please cite all the sources of your information.


Role of Cryptocurrencies in the Growth of Cyber-Extortion
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Role of Cryptocurrencies in the Growth of Cyber-Extortion
Whenever hackers manage to install malicious software on the servers of organizations and other institutions worldwide, they demand ransom, threatening to decode and share the information if the owners fail to meet their demands. Sometimes the companies hire security researchers who realize a fix that enables the owners to decrypt their computers without submitting to the demands by the hackers. However, a majority of organizations and individuals are forced to pay the ransom to free up their data. According to the report by the FBI in 2016, a total of $1 billion was paid as ransom to extortionists (Kshetri, 2017). Before the existence of cryptocurrencies, the money was transferred using services like Western Union. Such means of transfer were easily traced. However, the introduction of cryptocurrencies like Bitcoin has created an anonymity and a quick process of transfer.

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