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In response to this threat, proposals to makeransomwarepayments illegal have been gaining traction.
But is this approach really a viable solution to the scourge of ransomware?
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Security Strategist & VP of User Experience at Netwrix.
But a ransomware attack can still pose a serious danger to human lives.
In such cases, its much harder to say that paying the ransom should be prohibited by law.
Moreover, cybercriminals quickly adapt to changing circumstances.
If legal limitations are put into effect, threat actors will likely find ways to overcome them quite swiftly.
Ultimately, banning ransom payments could pushbusinessleaders into further moral conundrums while under pressure.
Thus, the Government prioritized transparency of the ransomware incidents over an attempt to completely ban them.
Indeed, a well-executed ransomware attack can potentially hinder the victims business operations to the point of near bankruptcy.
Under the proposed new regulations, decision-makers would be expected to report the incident and not pay the ransom.
Or might some organizations choose to pay the ransom without informing government agencies of the attack?
Without all the information, addressing the challenge of ransomware will become much more difficult.
The banking industry experience a better way forward?
Adopting the right security measures is still essential for banks to keep their licenses today.
Government institutions from all over the world released a cybersecurity advisory that summarized LockBits tools and tactics.
We’ve listed the best small and medium business (SMB) firewall software.
The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc.
