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Ransomware like Cryptolocker uses Bitcoin, other virtual currencies for payment

By David Geer, CSO
February 10, 2014 03:38 PM ET

CSO - More than 312,000 unique samples of ransomware appeared during Q3 last year, according to McAfee Labs Threat Report: Third Quarter 2013. "We see virtual currencies also experiencing massive growth," says Raj Samani, EMEA CTO, McAfee. With hackers combining the virtually untraceable currencies with ransomware attacks to ease fee collection, enterprise and end-user losses are certain to also multiply.

Apart from proper protection, enterprises, employees and consumers will reach for their e-wallets or face losing something of greater value than the typical US$300 ransom fees. Thankfully, those protections are within reach.

By using preventive educational and security measures, the enterprise can safe guarding its people and itself against costly, embarrassing losses.

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