BACKGROUND:
As reported by the Wall Street Journal, the Biden administration is preparing an array of actions, including sanctions, to make it harder for hackers to use digital currency to profit from ransomware attacks, according to people familiar with the matter. The US government hopes to choke off access to a form of payment that has supported a booming criminal industry and a rising national security threat.
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<p>Attempting to take out ransomware is an enormous task and where the payment is vital to the process it seems logical to make efforts to take this element away via sanctions. However, much like making payments illegal, it will be a challenge to make this work. When companies are targeted they can fall over with some force and become trapped between a rock and a hard place. Creating further penalties may just increase insurance payments, which will in turn grow the ransomware business cycle.</p>
<p>Putting education and awareness at the heart of cybersecurity strategy is key. Better knowledge on how attacks operate and preventative support will take out more attacks. Better backups and restoration is safer than going for those who are wedged in a terrible position working out the least costly outcome.</p>