Should we ban ransomware payments? It’s an attractive but dangerous idea

A successful cyberattack on critical infrastructure such as electricity grids, transportation networks or healthcare systems could cause severe disruption and put lives at risk.

Our understanding of the threat is far from complete since organizations have historically not been required to report data breaches, but attacks are on the rise according to the Privacy Rights Clearinghouse. A recent rule from the United States Securities and Exchange Commission should help clarify matters further by now requiring that organizations disclose material cybersecurity incidents they experience.

Ransomware revenue is up. (Chainalysis)
Attacks by organization type. (Chainalysis)
There are good reasons not to pay a ransom, but good reasons to pay as well. (Pexels)
Banning ransomware payments risks criminalizing victims. (Pexels)
Mandatory disclosure and the threat of getting sued may force companies to improve cybersecurity. (Pexels)

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