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There is no doubt that ransomware is a significant problem for industry. Least of all the damage it does to companies that get hacked and their data encrypted. Leading to a broad range of outcomes including national, corporate and social security. There are many arguments as to why companies should not pay ransomware, it perpetuates an already significant threat (cyber), costs lives (human trafficking), IP theft (reduces competitive advantage) and least of all ties up corporate capital and corporate losses (United Health).
However, and its a big however, we have got ourselves into a situation where there are few short term economic alternatives today to paying ransomware. Whether by the companies or insurance providers. There are simply no quick fixes to dealing with the outcomes of a ransomware. It’s a problem that has been created by governments, public and private sector organisations and insurers. We’ve spent most of our time focused on cybersecurity Right of Bang, rather than Left of Bang.
There’s a very good reason why the U.S Marine Corps adopted Left of Bang – How the Marine Corps’ Combat Hunter Program Can Dave Your Life (Patrick Van Horne, Jason A. Riley). There’s only so much you can do to address problems by reacting to them when they happen. There comes a point when prevention and proactive management becomes more important as a risk transfer tool, than reacting to incidents and relying on cyber insurance. For cyber this point was when regulators in the U.S and EU started to regulate cybersecurity risk management.
As yet we have not seen many solutions from government other than regulation, that supports businesses manage cyber risk. Or solutions that support organisations address cyber risk transfer ‘Left of Bang’. The proactive management of cybersecurity risk is the only economic solution to managing ransomware, relying on cyber insurance is not a cost effective solution when one considers the cybersecurity risk management value chain.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC Cybersecurity and Infrastructure Security Agency
#cybersecurity #cyberriskmanagement #cyberregulation
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