Cyber Polygon 2021 to address global response to ransomware
Craig Jones, Cybercrime Director, INTERPOL; Michael Daniel, President and CEO, Cyber Threat Alliance; Teresa Walsh, Global Head of Intelligence, FS-ISAC will join Cyber Polygon 2021, the annual online cybersecurity training, on 9 July 2021
July 8, 2021
The speakers will talk about the current risks, share hands-on experience and opinions on combating ransomware on a global scale, and discuss what steps must be taken by companies and states to tackle the growing threat.
According to the Sophos survey published in late April 2021, the average total cost of recovery from a ransomware attack has more than doubled in a year, increasing from $761,106 in 2020 to $1.85 million in 2021.
The survey also reveals that the average ransom paid is $170,404. Only 8% of organizations managed to recover all of their data after paying a ransom, with 29% getting back just over half of their data.
INTERPOL’s Global Cybercrime Programme continually analyzes cybercrime threats, and there has been a significant increase in the reporting, growth and impact of ransomware attacks across the globe. While ransomware is not new, it provides a highly attractive and lucrative business model for cybercriminals. In order to reduce the harm on our communities caused by ransomware, INTERPOL is committed to driving momentum together with our partners and law enforcement globally to mitigate this crime threat
Ransomware is not a new threat, and the financial services industry has been preparing defenses against it for many years. However, ransomware operators are constantly evolving their tactics and business models, and we do not expect it to go away anytime soon. Thus, FS-ISAC recommends taking proactive measures such as data vaulting, sharing cross-border industry-specific threat intelligence, investing in resiliency efforts, and fortifying third-party risk management
Over the past few years, ransomware has evolved from an economic nuisance in a national security and public health and safety threat. As a result, everyone with a stake in the digital ecosystem, from companies to non-governmental organizations to governments, have to increase their efforts to combat this threat. Only by working together through a sustained, aggressive, international campaign will we be able to mitigate the problems ransomware creates