The White House kicked off its second International Counter Ransomware Initiative Summit on October 31, 2022. This summit focuses on finding ways to make it more difficult and more expensive for ransomware gangs to operate, according to the White House.
Summit attendees include officials from 36 countries and the European Union and 13 cybersecurity software companies. Together, these government and business officials will explore ways to disrupt ransomware gangs and prevent them from finding refuge in Russia and other countries, the White House indicated.
What to Expect at the Ransomware Summit
The summit features briefings from several U.S. government officials, including:
- FBI Director Christopher Wray
- Deputy Secretary of State Wendy Sherman
- Deputy Treasury Secretary Wally Adeyemo
Summit participants will look to create cyber norms to combat ransomware gangs, Reuters reported. Following the summit, participants also will issue a joint statement that includes a pledge to put pressure on Russia and other countries that harbor ransomware attackers.
Ransomware Attack Volume Increases
The second International Counter Ransomware Initiative Summit comes as global organizations face ransomware attacks more frequently than ever before.
Approximately 20% of all reported ransomware attacks occurred in a 12-month span, according to research released in September 2022 by cloud security company Hornetsecurity. In addition, Hornetsecurity's research revealed roughly 25% of businesses said they have been hit by a ransomware attack in 2022.
Furthermore, a September 2022 report from account takeover and fraud prevention solutions provider SpyCloud found that approximately 78% of companies said they have suffered two or more ransomware attacks in 2022. The report also showed that the size of companies affected by ransomware attacks varied, with a range of 82% for enterprises with more than 25,000 employees and 92% for organizations with 1,000 to 4,999 employees.
How to Protect Against Ransomware Attacks
- Make a ransomware incident response plan in alignment with security frameworks from globally recognized organizations like the National Institute of Standards and Technology (NIST) and U.S. Cybersecurity and Infrastructure Security Agency (CISA).
- Test a ransomware incident response plan, track its results and update the plan regularly.
- Provide employees with security awareness training.
- Adopt and maintain a zero trust architecture.
- Invest in endpoint protection solutions.
MSSPs can offer security services to help organizations keep pace with evolving ransomware threats. They also can provide tips and insights to ensure these organizations can optimize their security posture.