The Last Line of Defence for Ransomware

Acronym’s Cyber Security Product Manager Florin Soltan hosted a webinar with Sagar Vyas, Chief Information Security Officer and Paolo Del Nibletto, Channel Business Chief from Jolera discussing the prevalence of ransomware attacks, and the need for comprehensive defense strategies. The Last Line of Defense for Ransomware webinar addressed critical aspects of modern cybersecurity, including a few solutions. Ransomware has evolved over the years, from its early days of simple system locks to today’s sophisticated double extortion schemes and Ransomware-as-a-Service (RaaS) models. RaaS was identified as a growing trend, enabling even non-technical individuals to launch attacks. The way these Ransomware operators have primarily demanded payments is in cryptocurrencies like Bitcoin. However, due to traceability concerns on Bitcoin exchanges, there’s now an emerging trend of using privacy coins like Monero, which are essentially untraceable and undetectable. There have been an alarming 83% increase in ransomware attacks since last year, with many organizations opting to pay ransoms, albeit with mixed data recovery results. All organizations, regardless of size, are potential targets. We discussed the impact of inadequate global cyber governance and standards on the rise of cyberattacks. There is a lack of robust cyber governance, combined with gaps in cybersecurity, particularly during the recent pandemic, that has made it easier for cybercriminals to target and conduct attacks.