One MSP Offering Bitcoin as a Service

May 25, 2017

One MSP Offering Bitcoin as a Service

By James Bergl

At a recent trade show, I learned of a managed service provider (MSP) that was offering BaaS—Bitcoin as a Service! The volume of ransomware-related help desk tickets he received had rocketed, and the conversation was the same every time:

"I have ransomware. How do I get bitcoin to pay for it?"

As you may know, buying bitcoin is not simple or quick. There are also restrictions on how much you can buy at a time. In other words, if you can’t access enough bitcoin to pay the full ransom demand, your files may be gone forever.

The offering is simple. The MSP pays the ransom on behalf of the client, and charge a 10 percent admin fee. After their data is unlocked, he presents a proposal for a data protection solution that guards them from future ransomware attacks and the associated downtime.

After paying the ransom, the customers would always sign-off on the new data protection proposal. It’s a win-win. The MSP secures a profitable monthly contract, and their customer is confident they won’t experience a ransomware ordeal again.

That's impressive outside the box thinking. Identify strategies that put you in touch with those that have been affected by ransomware and see the value in protecting their data and their business. Ransomware can have a large impact on a small to medium sized business. As a MSP, you are in a unique position to recommend technologies that help protect against and recover from attacks.


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