Every piece of technology has its downsides. In a more proper technical jargon, we call it vulnerability. The concept of cryptocurrency is very much prone to high-end vulnerabilities. The threat comes in the form of ransomware. According to a report by Coveware, the value of ransom demanded by various ransomware has increased significantly in the Q1 of 2019. Around Q4 2018, average ransom amount used to be $6733. However, Ransomware value rises in Q1 2019 on an average up to $12,762. Out of the various ransomware, Ryuk apparently demands a hefty ransom of $286,556. It mainly targets the organizations rather than any regular individual. The malware in question was not a high-end threat back in 2018. However, it has managed to make it to top 3 malicious ransomware in Q1 2019.

Those who may not be aware, a ransomware is a subset of malware. The target can be hit using malicious emails, websites, links,apps etc. These days attackers mostly implement a remote desktop approach. When a ransomware attack happens, a cryptovirus locks the victim out of its system and data. The user has to pay a specific amount of ransom in form of crypto currencies. Usually, hackers prefer Bitcoin as the form of digital ransom amount.

Ransomware attacks are usually costly. It affects the victim organization for almost a week which is termed as service downtime. This severs the productivity and profit of the firm. Adding salt to the injury, the company has to release the hefty ransom amount to the attackers. Then the hackers release the decryption tool. Now, there is no surety on this, though in around 90% cases, victims receive the decryption tool. Overall, this is a time taking business that affects the well-being of a firm.

Recently, a increasing number of firms are investing in cryptocurrencies and associated technologies. They possess the risk of ransomware attacks. So, better security measures should come up to minimize the influence of the malicious minds behind these malware.