"To Pay or Not to Pay? Ransomware Attacks Are the New Kidnapping"
In recent years, ransomware attacks have evolved into a persistent security risk. The inability to effectively respond to this challenge has normalized what should be intolerable: organized cybercriminals harbored by hostile states disrupting and extorting businesses and critical services regularly. Following last year's cyberattacks on Optus and Medibank, the Australian government has signaled its willingness to address one of the most difficult and divisive questions in cyber policy, which is whether ransomware payments should be prohibited. According to the specialist ransomware negotiation company Coveware, the profits ransomware attackers generate outweigh the risks. There are almost no entry barriers, and the profit margin can reach 98 percent. Therefore, a ban on payments makes logical sense. Stopping payments will eliminate the primary motivation for ransomware attacks, and those in search of a fast buck will look elsewhere. This article continues to discuss the debate regarding ransomware payments.