Taskforce releases framework to combat ransomware

By Dylan Bushell-Embling
Saturday, 01 May, 2021

Taskforce releases framework to combat ransomware

The multinational Ransomware Task Force (RTF) has released a new framework for combating ransomware in the wake of a surge in attacks over the past year.

The new framework has been developed by the RTF’s coalition of over 60 experts in industry, government, law enforcement and civil society. It includes 48 recommendations for stakeholders from each sector, based around the key goals of deterring and disrupting ransomware attacks, and helping organisations prepare for and better respond to ransomware attacks.

The framework highlights five priority recommendations, including the development of a comprehensive strategy for coordinating international diplomatic and law enforcement efforts to tackle the growing scourge.

Governments worldwide have meanwhile been urged to establish Cyber Response and Recovery Funds to support ransomware response, and to mandate that organisations report ransom payments, and be required to consider alternatives before making payments. Third, the framework calls for the establishment of an internationally coordinated effort should develop a clear, accessible and broadly adopted framework to help organisations prepare for and respond to ransomware attacks.

The report also urges that governments more closely regulate the cryptocurrency sector that enables ransomware crime, introducing requirements for cryptocurrency exchanges and trading desks to comply with existing money laundering and other laws. Finally, the RTF is calling on the US government specifically to execute a whole-of-government, intelligence-driven anti-ransomware campaign, coordinated by the White House. RTF Executive Director Philip Reiner said tackling ransomware is a pressing global concern.

“The cost of ransom paid by organisations has nearly doubled in the past year, and is creating new risks, many that go far beyond monetary damage. In the past 12 months alone, we’ve seen ransomware attacks delay lifesaving medical treatment, destabilise critical infrastructure and threaten our national security,” he said.

“We felt an urgent need to bring together world-class experts across all of the relevant sectors to break down silos and create a framework that government and industry can pursue to disrupt the ransomware business model, mitigate the impact of these attacks and ensure the continued faith of the general public in its institutions.” 

Image credit: ©stock.adobe.com/au/James Thew

Originally published here.

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