Interpol Calls for Global Action to Prevent “Ransomware Pandemic”

Interpol has called for united global action to be implemented against ransomware attacks, following a 311% rise in one year. 

Interpol has announced a strict action plan to be made against ransomware attacks, as criminals made USD 350 million in 2020 from such payments. Secretary-General of Interpol, Jürgen Stock, has directed police authorities worldwide to collaborate with industry partners for the timely prevention of a ransomware pandemic. 

At the Interpol High-level Forum on Ransomware, Stock said that an international coalition is required to tackle terrorism, human trafficking and mafia groups. Although some prevention measures exist, stricter policies have become necessary.  

The call has come as a response to the exponential growth in cybercrimes, with criminals using new businesses models to provide rRansomware-as-a-service. 

“Despite the severity of their crimes, ransomware criminals are continuously adapting their tactics, operating free of borders and with near impunity,” said Secretary General Stock. 

“Much like the pandemic it exploits, #ransomware is evolving into different variants, delivering high financial profits to criminals,” said @INTERPOL_SG at our High-Level Forum on Ransomware today.

Full story below ⬇️https://t.co/wsTPw8Ikij

— INTERPOL (@INTERPOL_HQ) July 12, 2021

Stock believes that ransomware has become too big a threat to be managed by single entities alone. To handle the magnitude in a more effective way, urgent global action is needed, which Interpol can facilitate. 

Interpol has also laid down four recommendations to create a global leadership framework to mitigate ransomware attacks. These include:

• Raise awareness, partnerships and information sharing
• Target pre-exploit disruption of ransomware and its ecosystem through reactive and proactive global law enforcement actions
• Provide in-event emergency support against ransomware attacks using INTERPOL’s global network and capabilities
• Ensure post-event support following ransomware attacks to increase resilience, agility and responsiveness

With the use of technologies powered by AI models, ransomware attacks and their disruptive consequences can be minimized if not completely eradicated. 

Suggested Read: Kaseya Ransomware Attack – How to Protect Your Organization from Cyber Risks