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Intriguingly, the debate about banning ransomware payment continues. The ban was originally in response to a coordinated approach across several nation-states, which have remained stubbornly quiet about banning ransomware payments.
There is no evidence that banning ransomware payments either supports organisations in managing cyber attacks or reduces the impact of cyber attacks. The obvious point to make is that by the time a ransomware demand has been received by an organisation, all control of the hacking situation is lost by the victim.
There are risks to paying or not paying, but it’s highly unlikely to stop cyberattacks involving ransomware payments. There are no publicly available stats on how many UK companies have been hacked and how many paid a ransom. When a hacker’s costs of doing business are as low as 10%, hackers don’t care either way. In the days of automation and now anonymous AI-based hacks, a single pay-out can cover costs and make a healthy profit.
Nation-states are better served through education, awareness, regulation, and pushing cyber risk management left of bang. Rather than trying to enforce a regime that focuses on ransomware payments against companies that have no other alternative.
Let’s see how it works when a CNI electricity, oil, gas, or water provider is impacted?
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC
#cybersecurity #ransomware
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