Foreword

Ransomware: The largest threat to the digital economy

Judging by the rapid evolution of ransomware attacks in the past decades, it is evident that this cyber threat is here to stay, and hackers are finding innovative ways to take their attacks to the next level.

As ransomware attacks become increasingly sophisticated, they pose a significant threat to businesses of all size. According to various reports , ransomware damage costs will reach over US $250 billion by 2030. This is not a surprise, especially when we have seen the costs of ransomware attacks balloon in recent years to levels that could potentially bankrupt a company.

Although there is no silver bullet to protect businesses from ransomware attacks, organizations can turn the tables on cybercriminals and protect their businesses from this destructive threat.

In this edition of our Digital Security magazine, we will share industry leaders’ views on how to protect businesses from ransomware attacks. We also propose a detailed proactive approach and the type of framework organizations can adopt to prepare themselves, stay vigilant and craft robust governance strategies to successfully thwart ransomware attacks.

This edition will cover topics such as:

• Understanding the threat, the new attack vectors, and the underground economy of ransomware
• How to raise awareness and educate your employees and your entire whole supply chain
• Setting up the right defense to avoid ransomware attacks that infiltrate your digital environment, including identity and permission management, hybrid cloud protection, security maturity assessment, the human factor and governance
• Why sharing knowledge and experience through industry and international cooperation — especially public/private sector collaboration — is key to fighting ransomware
• How to achieve the readiness and resilience to anticipate when possible and respond quickly when necessary

In collaboration with our customers, partners, cybersecurity experts, our magazine board members and this edition’s Managing Editor, Dwayne Natwick, we have prepared this special edition dedicated to ransomware mitigation. Thank you for reading this edition of Digital Security Magazine. We hope it provides the insights you need to better address the challenge of ransomware, and we look forward to your feedback and continuing this conversation.