A December 21st report from Bloomberg suggests that bitcoin is now the online extortionist\'s \'currency of choice.\' Bitcoin values have boomed in December 2017, due to their adoption by the Chicago futures exchanges, and have induced a consequent escalation in ransomware hits.

Many major insurance companies are facing rising costs as a result of claims against such attacks, including Zurich firm, Chubb, who are renowned for their high-end clientele. A statement from Michael Tanenbaum, a Chubb EVP, tells of \"a massive escalation\" in activity as the criminal community rush to profit from the bitcoin bubble. The number of ransom attempts has risen dramatically, as well as the amounts being demanded. Where maximum payouts against corporate attacks had previously topped out at around $17,000, they have risen since mid-2017 to amounts exceeding $1 million.

Ransom insurance was pioneered by companies in the 1970s in response to kidnapping threats and executive abductions. Some policies evolved to include protection against online extortion, but the new generation of ransom attacks has caught many insurers unprepared.

Security firms worldwide confirm that such incidents have snowballed, including both precision hacks and mass attacks, such as the 2017 WannaCry assault. Bolder hackers are demanding larger payoffs, and ransom demands are now commonly being made for up to half a million dollars.