RSA: As Ransomware Threats Mount, It’s Time for Coordinated Tactics Malicious actors have used ransomware attacks with impunity to disrupt business and society at large. Government and industry must coordinate to combat this national security threat.
Cybercriminals have been able to act with impunity and without sufficient consequences, said experts at the recent RSA Conference 2021.
Ransomware attacks have become economically burdensome but also increasingly disruptive to basic services, such as health care and education. As the targets for attacks have increased given digitization, the economic and social impact has also grown exponentially.
The average ransom paid for organizations increased from $115,000 in 2019 to $312,000 in 2020, a 171% year-over-year increase, according to a 2021 report from Palo Alto Networks. Additionally, the highest ransom paid by an organization doubled from 2019 to 2020, from $5 million to $10 million.
Ransomware is a “scourge” that has to be fought by governments around the world, according to experts who spoke at the annual RSA Conference this week.
“This is a threat that has moved from economic nuisance eight years ago to national security and public health and safety threat today,” Michael Daniel, CEO of the Cyber Threat Alliance and a former White House cybersecurity co-ordinator, told a panel.
“Once a threat has moved into that category we need government to bring its resources to the table, and private sector and not-for-profit sector to engage as well. And it’s not just the U.S. government. This is an international problem.”