Businesses are hoarding Bitcoin to pay off hackers in the event of a WannaCry-style cyber-attack.

Company executives are terrified of a spike in similar attacks to the ransomware that crippled parts of the NHS earlier this year. Admitting to a customer data breach can leave a company's reputation in tatters.

“Companies are definitely stockpiling Bitcoin in order to be prepared to pay ransoms,” Paul Taylor, former Ministry of Defence cyber chief an KPMG partner told The Sunday Telegraph.

Ransomware is so prevalent that employees are being ordered to prepare digital wallets and monitor cryptocurrency prices – which have been soaring in recent weeks – to hedge against inflation should they need to buy, to keep a hack under wraps, Mr Taylor added.

Steve Chabinsky, former FBI adviser and partner at law firm, White & Case, said he is is aware of "companies that create Bitcoin accounts in order to be prepared”.