By 2025, One in Three Countries Will Regulate Ransomware Ransom Payments
Regulating ransom payments and negotiations for ransomware involves balancing the need for businesses to recover their systems and data with the need to disincentivize criminal groups
Ransomware is one of the top online threats facing businesses today. Ransomware attacks can cause severe economic and reputational damage, and many companies are forced to pay large sums of money to recover their systems and data.
However, the practice of paying ransom for ransomware has also been criticized for encouraging the rise of ransomware attacks and for funding criminal groups. For this reason, it is expected that 30% of countries will regulate ransomware negotiations and ransom payments by 2025.
Regulating ransomware negotiations and ransomware ransom payments is a complex issue as it involves balancing the need for businesses to recover their systems and data with the need to disincentivize criminal groups. Some countries have adopted “no ransom” policies to discourage ransomware attacks while others allow companies to pay a ransom as long as they do so legally.
How to deal with ransomware payment
Nevertheless, the lack of regulation in this area has led to a situation where companies are forced to pay ransom to recover their systems and data, which in turn has fueled the rise in ransomware attacks.
Regulation of ransomware payments and negotiations for ransomware may include prohibiting the payment of ransom or requiring companies to notify authorities before paying a ransom. It may also include imposing fines or penalties on companies that pay ransomware or setting up funds to help companies affected by ransomware recover their systems and data without having to pay the ransom.
In addition, it is also important to note that regulation should not only be limited to companies, but also to criminal groups that carry out ransomware attacks. Prosecuting and convicting those responsible for ransomware attacks can discourage the rise of these attacks and increase online security.