Ransomware is Funding Russian Aggression

Ransomware is Funding Russian Aggression

Ransomware attacks and payments are increasing, with most revenue going to Russian attackers. It is time to revisit outlawing Ransomware payments.

Some stats to hammer the situation home:

Sophos ransomware report indicates:

- Ransom attacks are more frequent (66% of surveyed orgs indicated they were hit with ransomware in 2021 versus only 37% in 2020)

- Payments are higher (11% paid over $1 million versus only 4% in 2020), and more victims are paying the ransom (46% paid).

Now consider that according to ChainAnalysis about 74% of ransomware revenue in 2021 are affiliated with Russia!

Yes, companies are inadvertently funding activities of Russia with ransomware! It is time we act. Sadly, we need regulation to force organizations to not fund the cybercriminals and nation state enemies!

It is time we outlaw ransomware payments, thereby creating a forcing function for better cybersecurity prevention and prohibiting funding of aggressive acts like the Russia war against Ukraine.

Yes, I know this idea is unpopular, but this is a hill I am willing to defend. Let the flaming begin.

Sources:

https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering

https://news.sophos.com/en-us/2022/04/27/the-state-of-ransomware-2022

Votes: 0
E-mail me when people leave their comments –

CISO and Cybersecurity Strategist

You need to be a member of CISO Platform to add comments!

Join CISO Platform

Join The Community Discussion

CISO Platform

A global community of 5K+ Senior IT Security executives and 40K+ subscribers with the vision of meaningful collaboration, knowledge, and intelligence sharing to fight the growing cyber security threats.

Join CISO Community Share Your Knowledge (Post A Blog)
 

 

 

CISO Platform Talks : Security FireSide Chat With A Top CISO or equivalent (bi-monthly)

  • Description:

    CISO Platform Talks: Security Fireside Chat With a Top CISO

    Join us for the CISOPlatform Fireside Chat, a power-packed 30-minute virtual conversation where we bring together some of the brightest minds in cybersecurity to share strategic insights, real-world experiences, and emerging trends. This exclusive monthly session is designed for senior cybersecurity leaders looking to stay ahead in an ever-evolving landscape.

    We’ve had the privilege of…

  • Created by: Biswajit Banerjee
  • Tags: ciso, fireside chat

Fireside Chat With Rick Doten (VP - Information Security at Centene Corporation)

  • Description:

    We’re excited to bring you an exclusive fireside chat on "A CISO’s Guide on How to Manage a Dynamic Attack Surface" with Rick Doten (VP - Information Security, Centene Corporation) and Erik Laird (Vice President - North America, FireCompass). In this session, we’ll explore how top CISOs are tackling today’s rapidly expanding attack surface and what it takes to stay ahead of evolving threats in a cloud-first, AI-driven world.

    As…

  • Created by: Biswajit Banerjee
  • Tags: ciso, attack surface management, rick doten, ciso guide

CISO Meetup at BlackHat Las Vegas 2025

  • Description:

    We are excited to welcome you to the CISO Meetup during BlackHat USA 2025 in Las Vegas! Join us for an exclusive networking, meaningful conversations, and community building with top CISOs and cybersecurity leaders from around the globe. 

    Meetup Details:

    Location: Mandalay Bay, Las Vegas …

  • Created by: Biswajit Banerjee
  • Tags: ciso, black hat, black hat 2025, black hat usa