McAfee’s CEO Says Bitcoin can Help Hackers Monetize their Business

Bitcoin Tipped for Greater Performance after 2016 Comeback

Cyber security firm McAfee’s CEO Chris Young warned the companies to strengthen their cybersecurity policies due to the risk that comes with the anonymous nature of cryptocurrencies such as Bitcoin and the possibility of the said cryptocurrencies helping online hackers monetize their approach.

Young spoke to Maria Bartiromo of Mornings with Maria from FOX’s Business Network and said that cryptocurrency is an evolving and emerging technology and a new approach to currency. He also said that the currency isn’t responsible for the ways it’s being used, possibly maliciously.

Before, hackers would steal information and then sell it on the black market, but nowadays the approach has changed – hackers are now taking the information back to the companies they stole it from and threatening to publish it or release it if the company in question doesn’t pay a ransom fee. This is exactly what is going on with HBO and Game of Thrones right now, Young said.

Young also said that in order to protect themselves, companies should make their cybersecurity an employee-wide issue, giving the example of some companies going as far as sending fake phishing emails to see if their employees can handle the trial and not fall for the trick.

According to Young, a lot of companies is doing that these days, believing it is a teachable moment for their employees.

Another thing Young had to address was the response technology that companies should have in case of a terrorist attack, like the one that happened in Barcelona this Thursday when 14 people died and 130 were injured.

Young said that in his opinion, the industry should be sharing information because he believes that’s one of the most important things they can do, whether it’s a security company or larger content company like Google in question. What is the most important is sharing information and working together to respond quickly to these types of attacks, Young said.