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The Global Threat of Ransomware

30 June 2021

In a speech given earlier this month, the Chief Executive of the UK’s National Cyber Security Centre, Lindy Cameron, has claimed that ransomware is currently the biggest threat to both British people and businesses alike. 

She highlighted the need for ransomware to be taken more seriously and emphasised the importance of effectively dealing with the growing threat. 

Although state-sponsored attacks continue to pose a ‘malicious strategic threat to the UK’s national interests,’ the main concern is still cyber criminals, who are intent on targeting UK businesses and their customers. 

Cameron also talked about the evolving system of Ransomware as a Service (RaaS). Here, ransomware variants, lists of potential targets as well as their credentials are available to purchase ‘off-the-shelf’. This means that ransomware is now a successful business model, allowing cyber criminals to exploit large businesses at an alarming rate. 

By having the infrastructure to target larger companies within the UK, criminals are able to take advantage of those who are simply unable to withstand the downtime caused by a ransomware attack. They’re also able to exploit organisations who will pay extremely high amounts in order to stop any sensitive/customer data being compromised.

The G7 Summit

The growing threat of ransomware was also a key focus during the G7 summit in Cornwall, which took place between the 11th – 13th June. Proving that the issue is now a global concern, US National Security Advisor, Jake Sullivan, said that ransomware will be a top priority for the Biden administration going forward. 

He went on to say that he hoped that talks could create an action plan between the US and other countries across the globe in regards to continued ransomware threats.

He hoped this would include ‘increasing the robustness and resilience of our defences against ransomware collectively,’ expanding how information about threats was shared between allies, and ‘dealing with the cryptocurrency challenge which lies at the core of how these ransom transactions are played out.’ 

The G7 also gave the subject of ransomware another nod in the end-of-summit statement, as they pledged to take further steps to improve internet safety. They also committed to working together ‘to urgently address the escalating shared threat from criminal ransomware networks’ – calling on all states ‘to urgently identify and disrupt ransomware criminal networks operating from within their borders, and hold those networks accountable for their actions.’ 

Protect your business from the threat of ransomware

Here at ICT Solutions, we have a variety of cyber security packages that can make sure your business is protected on every level. 

From anti-spam software and advanced firewalls to regular website back-ups and disaster recovery plans, using a comprehensive cyber security plan can mean you’re protected from the ground up and have things covered if the worst case scenario does happen. 

Simply get in touch with us today to discover how our cyber security service can defend your business from the evolving threat of ransomware.