A total ban on paying hackers in ransomware attacks is the only solution to this troublesome problem. This is stated by security specialist Emisoft in response to a recent report on the impact of ransomware attacks.
According to Emisoft, a legal total ban on paying after a ransomware attack is the only way to curb the current ransomware crisis. The company thinks this counters the revenue model behind ransomware attacks.
“The only mechanism governments can use to curb ransomware is to ban payments to hackers. Ransomware is a profit-driven business. If it is made loss-making, most attacks will quickly stop,” Emisoft stated in the report.
Not every company will follow law
The security specialist does note that such a ban need not stop all ransomware attacks. There are always companies that pay anyway. The big goal, however, is to stop ransomware from becoming profitable. “Since most companies comply with the law, this could probably be achieved,” he said.
According to Emisoft, it is also important to calculate that a ban could cause problems for victims in the short term. But not banning payment would create even more problems, according to the security specialist.
Emphasizes the importance of international initiative
Emisoft is not alone in advocating a ban on paying after a ransomware attack. Earlier in November 2023, some 40 countries joined the International Counter Ransomware Initiative. The EU and Interpol are also said to be on board. The goal of this initiative is to counter ransomware by stopping payment and thereby addressing the underlying financial flows.
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