A diverse coalition of experts from business and the public sector present 48 recommendations for solving the ransomware crisis, including international cooperation and regulating cryptocurrencies.
Ransomware, the “perfect crime” of the internet era, is spreading rapidly, growing according to some accounts by 150% or more in 2020. There are no signs of a slow-down in 2021. The average ransom demanded by attackers jumped 43% from Q4 2020 to Q1 2021 to $220,298 as threat groups target bigger and more vulnerable organizations, from police forces to hospitals to municipal school districts.
Two significant factors aid the inevitability of ransomware. The first is the ease with which cybercriminals can earn money from their ransomware endeavors. The second factor bolstering the ransomware market is the inability of law enforcement or government officials to do much of anything about these kinds of attacks.
Acknowledging that the ransomware problem has gone from bad to worse, the Biden administration’s Justice Department has launched a task force that reportedly targets the entire digital ecosystem that supports ransomware. That task force consists of the Justice Department’s criminal, national security, and civil divisions, the Federal Bureau of Investigation (FBI), and the Executive Office of US Attorneys, which supports the 93 top federal prosecutors across the country.
Now a 60-plus member coalition of volunteer experts from industry, government, law enforcement, insurers, international organizations, and other areas has put forth a comprehensive framework of 48 actions that government and industry can pursue to disrupt the ransomware market. The Ransomware Task Force, primarily organized by the Institute for Security and Technology, is issuing a report today called Combatting Ransomware, A Comprehensive Framework for Action: Key Recommendations from the Ransomware Task Force.
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