Ransomware is Funding Russian Aggression

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2 years ago
In community: Cybersecurity and Privacy(e3e6)
Topics: Cybersecurity, Cryptocurrency, Technology, Ransomware, Ukraine, ...

Ransomware attacks and payments are increasing, with most revenue going to Russian attackers. It is time to revisit outlawing Ransomware payments.

Some stats to hammer the situation home:

Sophos ransomware report indicates:

- Ransom attacks are more frequent (66% of surveyed orgs indicated they were hit with ransomware in 2021 versus only 37% in 2020)

- Payments are higher (11% paid over $1 million versus only 4% in 2020), and more victims are paying the ransom (46% paid).

Now consider that according to ChainAnalysis about 74% of ransomware revenue in 2021 are affiliated with Russia!

Yes, companies are inadvertently funding activities of Russia with ransomware! It is time we act. Sadly, we need regulation to force organizations to not fund the cybercriminals and nation state enemies!

It is time we outlaw ransomware payments, thereby creating a forcing function for better cybersecurity prevention and prohibiting funding of aggressive acts like the Russia war against Ukraine.

Yes, I know this idea is unpopular, but this is a hill I am willing to defend. Let the flaming begin.

Sources:

https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering

https://news.sophos.com/en-us/2022/04/27/the-state-of-ransomware-2022

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In community: Cybersecurity and Privacy(e3e6)
Topics: Cybersecurity, Cryptocurrency, Technology, Ransomware, Ukraine, ...

Comments

What is the best security against these constant attacks on systems? Because these attackers are just relentless and they are always looking for ways to exploit system vulnerability.

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User's avatar Mystery946
2 years ago

In the case of Ransomware, undermining the motivation of the attackers. If they know they won't get paid for ransomware attacks, financially motivated aggressors will choose other methods of attack (likely more traditional ones which we have better defenses).

As for specific technologies, processes, and behaviors that an organization can implement, there are a few that are helpful, but none are perfect. Cybersecurity is often a tradeoff between managing the risks of loss, with financial costs, and undesired friction to users/operators. So, the most secure is often the most encumbering and costly. Given that attackers are creative, motivated, and constantly innovating, the challenges to block attacks are always shifting. It is a balance that each CISO must pursue given their resources, limitations, and risk goals.

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User's avatar M.Rosenquist
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