Action needed amid escalating ransomware attacks, record-high payments

Many dollar banks note on money background

With ransomware payments exceeding $1 billion for the first time last year amid an almost 18% increase in ransomware attack prevalence between 2022 and 2023, the Institute for Security and Technology's Ransomware Task Force has called for the accelerated implementation of its nearly 50 recommendations in combating ransomware attacks, only half of which have been addressed over the last three years, Cybernews reports.

Addressing ransomware attacks requires government agencies to streamline incident reporting to reduce victims' burdens and bolster information sharing with other countries while strengthening disruption initiatives, according to an RTF report. Aside from intensifying efforts to discourage ransomware payments and enhancing public-private collaborations in dealing with ransomware attacks, government entities have also been urged to be more transparent in their efforts against the cybersecurity threat.

"While governments deserve praise for the mechanisms they have put in place, our assessment is that the United States is not using them to their full extent," said the report.

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