“Progress Made in Ransomware Fight as Joint Efforts Produce Results”

In 2022, ransomware attacks have surprisingly decreased thanks to the efforts of enterprises and governments worldwide. This positive news comes from the Ransomware Task Force (RTF), an industry group established in 2020 during the rise of ransomware at the onset of the COVID-19 pandemic. In its May 2023 progress report, the RTF revealed that 92% of its 48 recommendations on combating ransomware have been implemented, resulting in a significant decline in ransomware attacks.

Continued Threat of Ransomware Attacks

Despite this decline, ransomware attacks still persist. New threat actors emerge each week, consistently evolving their tactics and technologies to overcome cybersecurity defenses. High-cost attacks affecting both enterprises and government targets, such as the recent $1.1 million ransom paid by the Sheriff’s Department in San Bernardino, California, signify the ongoing risk of ransomware attacks.

Joint Efforts Against Ransomware

The RTF, composed of prominent leaders from various organizations, including Microsoft, Bank of America, Mandiant, the US Department of Justice, and Europol, collaboratively developed the comprehensive framework of 48 suggested actions. In the past two years, significant progress has been made in implementing these recommendations, with 44 already addressed and 24 showing considerable advancement. Even governments have contributed to the effort by providing platforms for cybersecurity professionals to share information, enacting enforcement measures, and changing their messaging on ransomware. Private industry also improved their defenses and decreased ransomware payments to attackers.

Positive Results of Joint Efforts

The progress made through operational collaboration has yielded promising results. According to CrowdStrike, ransomware data theft and extortion attacks have declined by 20% in 2022 compared to previous years. Chainalysis reports that the average lifespan of ransomware strains has plummeted to 70 days, representing a significant decrease from 153 in 2021 and 265 in 2020. Despite these advancements, RTF co-chair Megan Stifel emphasizes the need for continued operational collaboration, with better, faster, and harsher approaches to combat future cybersecurity risks.

Conclusion and Recommendations

The positive results of joint efforts to combat ransomware show that further collaboration and enforcement can better protect enterprises and governments. Continual advancements call for cybersecurity professionals to remain vigilant and prepared to combat any emerging threats. Governments can continue to provide platforms for collaboration, enforce regulations, and alter their messaging on ransomware. Private industry can continue to improve their cybersecurity defenses, respond to ransomware incidents while paying attackers less often. Additionally, operational collaboration between government and private sectors can be further improved to ensure a secure ecosystem.

Overall, the RTF progress report provides a hopeful message that significant progress can be made against the widespread threat of ransomware with combined efforts and comprehensive action.