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U.S.-led alliance of 48 countries vowed to not pay ransom to cybercriminals - BlackFog Commentary

November 2023 by Dr Darren Williams, CEO and Founder at Blackfog

Recently, an alliance of 48 countries, the EU and Interpol vowed to not pay ransom to cybercriminals. This statement came from the 2023 meeting of the International Counter Ransomware Initiative. The expert commentary from Darren Williams, CEO and Founder at BlackFog:

”A ransomware attack is something every IT security team will be forced to deal with eventually, and often, victims find it challenging to determine the best course of action for recovering their data and restoring services. Many opt for paying the ransom as it seems like the easier way to minimize damage and prevent operation disruption. However, this requires a company to trust hackers to keep their word, even though there’s no way of knowing they will even if the ransom is paid. Though, the primary concern with paying ransom is that it serves as an incentive for future attacks not just on your own company, but on companies across the world because it builds confidence in the cybercriminal network. The coalition of countries coming together to denounce ransomware payments sets a long-awaited global standard, asserting that no organization should be confused about whether they should pay or not.”

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