Ransomware attacks prompting banks to buy digital currency

Traditional banks are reportedly turning to digital currency like bitcoin as a contingency plan in case a ransomware attack happens.

Marcin Kleczynski, chief executive of cybersecurity firm Malwarebytes, revealed to Business Insider that “a couple of banks” have started stockpiling bitcoins to ensure uninterrupted service amid the rising number of bank-involved ransomware attacks.

These banks, according to Kleczynski, have “50-100 bitcoin ready at all times in a wallet to deploy if a ransomware attack hits.”

At first glance, having 50 to 100 bitcoin—worth between $29,000 and $60,000 in current market price—may seem a lot, but the Malwarebytes CEO said that’s a small loss traditional banks are prepared to pay for rather than have critical data missing or hold for ransom.