In the digital age, data has always been of prime importance and its protection has always been imperative. Understanding this fact, cybercriminals have altered their pursuit of data. Consequently, we have seen a steep rise in ransomware since the dawn of the pandemic. With every passing day, a new organization falls prey to some or other form of ransomware. Yet, progress on tackling these attacks remains as slow as ever.
In their relentless pursuit of profit, ransomware gangs are getting craftier adopting more sophisticated tactics. To break render the data in a system completely useless, breaking in a computer is simply not enough. These days, cybercriminals are stealing some of the sensitive data and threatening the users with a move to reveal it. This sensitive data can consist of anything that could harm the user’s credibility or hurt the brand image of an organization or its products.
In many cases, this modus operandi has worked successfully.
So what can be done to put an end to these attacks?
Irrespective of their size or stature, organizations need to understand the threat ransomware poses and figure out a way to improve their security posture. Sometimes, even getting the basics right can go a long way in the fight against cybercrime.
As a whole, the software industry needs to do a better job of building secure software, which means checking it for any security loopholes before it is applied in the real world. What is worst, that in the current day scenario ransomware gangs are being adept at seizing any newly discovered flaw and taking advantage of it as a part of their attacks, with the ransom money funding their empire of malice and allowing them to sustain longer and carry out more sophisticated attacks.
In the longer term, the shift towards cloud computing could help, since it has proved to be more secure for now.
Addressing the perpetrator is the next challenge.
Geography plays a major role in addressing this challenge. For example, many cybercriminals are located in Russia which means law enforcement from many countries won’t have jurisdiction and will find it hard to pursue them. However, it may be possible to disrupt their digital advances in other ways. Although, this might prove to be a short-term solution.
To pay or not to pay?
One of the trickiest questions when it comes to ransomware is concerned with its payment. In some cases, it’s understandable that an organization might see paying the ransom as the only way of getting their data back or they stand a chance of going out of business.
But every ransom paid strengthens the perpetrator’s empire of malice and sends a signal to others that profit can be made from this module.
Making it illegal for organizations to pay ransomware is surely being discussed. However, it seems like a very big step. It’s a decision that could result in some agonizing consequences.
It would take a while to come to terms with such a decision if it takes effect. So in a country where organizations are getting affected with ransomware and they make payments to ransom illegal, it would be a short-term solution at its best.
Ransomware gangs are opportunists and may not realize where their victim’s organization is geographically located and may encrypt their systems anyway. The perpetrators are unlikely to hand over the key to sensitive encrypted data only because their victims are unable to pay the ransom.
If organizations don’t have any means to restore the data or pay the ransom, they might face huge costs and disruption to their business – which may lead to theming going out of business. Even organizations that are technically equipped to handle the ransomware situation have to invest their time and money to restore their backups to continue their day-to-day activities.
Ransomware gangs are certainly capable of avoiding targets in a specific geographical location. This means the ban on paying ransomware can have its desired impact in long term as well.
However, the cost of ransomware attacks has continued to rise and the world needs a solution. And fast.
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