Ransomware: Interpol warns of exponential growth

Ransomware: Interpol warns of exponential growth

According to Interpol, cyber criminals act across borders and usually go unpunished. The police authorities fear a “ransomware pandemic” without cooperation between investigators and the private sector.

The international police authority Interpol calls for cooperation between investigators and the private sector in order to prevent a “possible ransomware pandemic”. While ransomware isn’t the costliest cybercrime, it has struck a nerve with heads of state and law enforcement agencies in recent months with a spate of destructive ransomware attacks that have also affected critical infrastructures in the US.

“Ransomware has become too big a threat to be tackled by any organization or sector on its own; the extent of this challenge urgently requires a joint global approach, ”said Interpol General Secretary Jürgen Stock.

According to Interpol, given its “exponential growth” in the broader cybercrime ecosystem, stronger cooperation against ransomware is needed as criminals shifted their business model to offering ransomware as a service. “Regardless of the severity of their crimes, the ransomware criminals are constantly adapting their tactics and operating across borders and with almost impunity,” Stock continued. “The police must leverage the intelligence of the cybersecurity industry, computer emergency response teams and other agencies to identify and crush cybercriminals as part of a real coalition working together to reduce the global impact of cybercrime.”

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