Ransomware continues to plague individuals and organizations worldwide, with devastating consequences. However, experts at the 2021 RSA Conference on May 18 believe that there is hope for combating this growing threat.
Jen Miller-Osborn, from Palo Alto Networks, highlighted the alarming trend of increasing ransom payments. From 2019 to 2020, the average ransom payment nearly tripled, reaching $312,493. This rise in payments has made ransomware more lucrative for cybercriminals, leading to its popularity in the criminal sector.
Michael Daniel, president of the Cyber Threat Alliance, explained how ransomware has evolved over the past decade. What was once a minor issue targeting individual computers with small ransom demands has transformed into a major threat affecting critical infrastructure such as schools, hospitals, and energy grids. The average ransom payment now exceeds $300,000, indicating the scale and impact of modern ransomware attacks.
The complexity of addressing ransomware is compounded by its widespread impact across different industries and government agencies. Phil Reiner, CEO of the Institute for Security and Technology and Ransomware Task Force, emphasized the urgent need for a coordinated effort to combat this “plague.” He stressed the importance of senior-level engagement and resource allocation to effectively address the ransomware threat.
To tackle ransomware effectively, the panelists agreed on the need for a comprehensive approach involving both public and private sectors globally. Disrupting the cryptocurrency element of ransomware was highlighted as a critical step in reducing the incentive for attackers. As cryptocurrencies enable untraceable payments, addressing this aspect of the ransomware ecosystem is essential.
Law enforcement actions were also discussed as a means to deter ransomware actors. By increasing pressure through economic sanctions and coordinated global efforts, the panelists believed that the incentives for carrying out ransomware attacks could be reduced. Miller-Osborn advocated for more law enforcement actions to hold cybercriminals accountable and deter future attacks.
In conclusion, addressing the ransomware threat requires a multifaceted approach that includes disrupting cryptocurrency payments, increasing law enforcement actions, and fostering international cooperation. By working together across sectors and borders, it is possible to mitigate the impact of ransomware and create a safer digital environment for all.