The Institute for Security and Technology (IST) announced Monday it would host a new, broad, multisector task force to find solutions to ransomware, with delegates ranging from industry to law, insurance to government think tanks.

"A lot of groups are trying to approach this in a sector-by-sector silo," said Philip Reiner, chief executive officer of IST. "We can't succeed if we stay in a sectoral approach."

Ransomware has been a growing threat, with estimates in recent growth ranging as high as a 715 percent year-over-year increase. While the goal is monetary, the effects can be as devastating as an intentionally destructive attack. Companies have shut down over the impact of ransomware, a woman died after a hospital hit by ransomware in Germany turned her away (though authorities later determined the woman was in poor enough health, the hospital probably would not have been able to help in a normal situation), and various cities have had to shut down services.

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