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Essay Available:
Pages:
5 pages/≈1375 words
Sources:
3 Sources
Level:
APA
Subject:
Management
Type:
Term Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 25.92
Topic:

Assignment 2 Cryptocurrencies and Cyber-extortion. (Term Paper Sample)

Instructions:

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:
1. Recent growth in ransomware and cyber-extortion with some examples
2. Why cyber-extortionists demand that ransom be paid by cryptocurrencies such as bitcoin
3. What types of victims are likely to comply with cyber-extortionists demand to pay ransom with bitcoin?
4. 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 1,600 words in length excluding the references. Please cite all the sources of your information.

source..
Content:


Cryptocurrencies and Cyber-extortion
Name
Institution
Cryptocurrencies and Cyber-extortion
The roles of cryptocurrencies such as bitcoin in the growth of cyber-extortion involving ransomware.
Recent growth in ransomware and cyber-extortion
Every piece of information you have on your computer is not safe. Well, initially, when people heard this message, they intensified their physical security and made sure that it was difficult to get to where their computers were. However, today, such preparations are considered null and void because hackers have also intensified their ways of attack. In the recent past, the major news outlets have made it known that no one is safe by revealing how ransomware attacks have become a global issue. All over the world, businesses and individual computer owners have been complaining about ransomware attacks. Weisbaum (2017) reported that payments for ransomware in 2016, were “expected to hit a billion dollars.” The FBI provided the information above, and that amount would have been huge given that in 2015, ransomware payments were only $24 million. Each year, new attacks and small increases in the ransom demanded pushes the amount lost to new record highs. The image below shows how ransomware attacks have been intensifying as hackers find new ways of exploiting and extorting money from unsuspecting internet users.

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