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In late October, the White House convened an unprecedented global coalition: the International against ransomware. With the participation of 48 countries, Interpol and the European Union, this initiative seeks to strengthen international politics, disrupt cyber operations and use diplomacy to combat ransomware.

In its first policy statement, the CRI firmly stated that member governments should not pay ransoms. Additionally, they committed to providing support to any member affected by a ransomware attack. The collaboration resulted in the development of global tools to strengthen cybersecurity, including mentoring programs and innovative platforms to share information between member countries.

With data analyzing ransomware attacks and ransom payments in the US, it is essential to provide up-to-date advice to CEOs and organizational leaders. This becomes a crucial measure to keep businesses, hospitals and schools safe, slowing the flow of ransoms that perpetuate new attacks.

 

Recovery Time and Costs:

Time: The Importance of Adequate Backups: Ransomware negotiators and incident response companies report that recovery is faster with backups, while paying ransoms prolongs the process.

Costs: Ransom payments are equal to or close to the cost of rebuilding systems from scratch.

 

Considerations About Ransom Payments:

• Payments do not guarantee non-filtration of data and do not exempt from legal responsibilities.
• Insurers can strengthen objectives by linking policies to cybersecurity requirements.

 

Improvements in Resilience:

• Generate and test backups periodically.
• Share information with authorities to prevent future attacks.
• Investing in security and resilience as a more effective return on investment than paying ransoms.

 

Strengthening Security Controls:

• Monitor digital doors and windows through account management, multi-factor authentication, patch management, employee training, and log review.

 

International Summit Against Ransomware:

The recent International Summit Against Ransomware, led by the White House, reinforces global unity in the fight against this scourge.

 

Partnership and leadership are essential in this collective fight. Together, we can discourage and make the business of ransomware less profitable, thereby protecting the integrity of our organizations and systems.