Data Breaches Pushing Law Firms To Open Their Own Bitcoin Wallets

Data Breaches Pushing Law Firms To Open Their Own Bitcoin Wallets

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According to cybersecurity experts, law firms have begun opening up bitcoin wallets in order to settle ransom in case of a data breach.

Hackers are increasingly targeting companies and firms with sensitive data. This year alone has seen several companies hacked and ransom demanded. Perhaps one of the most peculiar of all was the hack on an Austrian hotel which was ordered to pay ransom in order for them to gain access to their rooms. However, the most expensive ransom case involved a South Korean firm which had to part with $1 million in bitcoins in order for it to retrieve its data.

Proactive Step

Whereas cybersecurity experts don’t agree with paying ransoms, they believe that it’s more of a proactive step rather than a reactive one. As a company, you’re better off being prepared to make a ransom rather than risking having your clients’ sensitive data exposed.

However, there have also been cases where hackers have failed to honour their end of the bargain. For example, in the NotPetya hack countless of victims paid the ransom but it was reported that they were unlikely to receive the decryption keys to their files.

Better cyber protection

Experts are advising firms to do more in order to protect their data. They believe that up-to-date cyber security practices can greatly decrease the chances of your data being hacked. This is because hackers are starting to use more sophisticated methods to intrude into cyber systems.

Cyber security firms such as LogicForce have also started to look for more innovative ways of disaster recovery. They are currently in the process of opening up their own Bitcoin account in order to ensure that their clients have a better data recovery plan following the hacking of their systems.

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