Whitehouse sinks new deal, for threat sharing, ransomware is up to 1 billion dollars

In a future podcast for TSB, we’re going to talk about this article that was recently read that is titled Ransomware costs top $1 billion as White House inks new threat-sharing initiative which comes to us from Cyberscoop.

This is a very interesting article because we know that Ransomware is one of our biggest threats, and it seems like it isn’t going anywhere.

Not surprisingly, ransomware has hit the financial industry at 1.2 billion dollars alone.

One paragraph indicated

The report comes amid an effort by the Biden administration to crack down on ransomware operators globally and illustrates the scale of the challenge facing law enforcement agencies and policymakers.

The problem is that law enforcement has never been equipped to deal with the problem, so what makes us think that they’ll try now? Law enforcement have enough to do on our streets and they’re not trained in making sure that we’re as secure as possible by getting these guys caught and locked up.

As we’ve seen in stories, we know that some have been charged, indicted, but never arrested. If they are arrested, they’re charged by something like 10-20 years if that.

I don’t honestly know what the solution is, but i do know that something needs to change. This is not just a problem in the United States, this is bigger than that and companies like Phishlabs say it is only going to get worse.

Better read this one, we’ll talk about this in December. It’ll probably be revelent later anyway.

As you’ll see in a future article I probably didn’t cover yet, the financial industry leads in the top 3 of q3 where attacks are concerned.