Government and industry look to cryptocurrency regulation to slow ransomware

By IT Pro team for IT PRO
Thursday, April 29, 2021

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Grimmond added that while he supported any move that makes it harder for criminals to take advantage of the organizations, businesses should be wary of a false sense of security cryptocurrency regulation might bring and remain mindful that the best way to protect themselves is to ensure their data is backed up and encrypted.

Ilia Kolochenko, CEO, founder, and chief architect at ImmuniWeb, told ITPro the report provides a broad spectrum of valuable and bright ideas. However, most of them are "burdensome and far too expensive from a practical viewpoint."

"Strong global collaboration to combat cybercrime is probably a utopia, especially amid the rapidly growing political tensions around the globe, unclarity of international law’s application to cyberwar and disruptive aggressions in the digital space," Kolochenko said.

"Sadly, virtually all Western law enforcement agencies are significantly underfunded today, while efficient combat with ransomware will probably require at least a tenfold budget increase - just to address this isolated phenomena. Spiraling pandemic losses will unlikely allow countries to spend more on cybercrime prosecution and investigation units unless the private sector donates billions of dollars. Fighting digital currencies is a waste of time, cybercriminals will find a myriad of other smart ways to bypass sanctions and get paid in impunity." Read Full Article