Several technology companies have come together to focus on preventing ransomware attacks, otherwise known as ransomware.
According to TechRadar, named Ransomware Task Force (RTF), an association of 19 technology companies, of which Microsoft, Institute of Security and Technology (IST), and McAfee are well-known names. The team will explore ways to significantly mitigate threats posed by ransomware attacks, identify technology solutions, and develop a standard anti-virus framework for all industries to follow.
As ransomware incidents increase unregulated, cybercriminals sabotage the economy increasingly causing dangerous consequences, IST said. Networks of hospitals, municipalities and other organizations … have been attacked by crooks in search of payments. This requires action, which is why IST and its coalition partners plan to launch RTF in 2 to 3 months.
While ransomware may not be the most financially damaging type of cyber attack for businesses, it has certainly stood out. Victims like Foxconn, Kmart or Equinix represent only a few of the businesses affected by high-end ransomware attacks in 2020.
In addition to attackers gaining access to data that is often sensitive information, ransomware attacks can cause massive disruptions, leaving companies disconnected from core systems. This not only harms finance but also damages the reputation of businesses.
As planned, the Ransomware Task Force website is slated to launch next month when full membership and leadership details are announced.