Ransomware attacks are one of the most acute threats facing the public and private sectors.
Representing India at the Counter Ransomware Initiative, hosted by the White House, Lieutenant General (retired) Rajesh Pant, National Cybersecurity Coordinator, told the participating 30 countries that rapid digitization and cryptocurrency have increased vulnerabilities in the cyber domain.
“Ransomware is an evolving form of a cyber threat and the culprits are becoming more sophisticated and agile. The coming global dynamics have also created a digital climate that is ripe for exploitation, says Pant.
“The COVID-19 pandemic has further fueled this and introduced many IT vulnerabilities due to the rapid digital transformation,” he added.
“Another contributor is the growing prominence of cryptocurrency, which seems difficult to track,” he said at the two-day conference on Wednesday.
The conference ended on Thursday with a joint statement from 30 countries in which they promised to act against safe havens for ransomware players.
India, which was considered an IT superpower, played a key role in leading discussions on resilience.
“In today’s world, ransomware attacks are one of the most acute threats facing the public and private sectors,” said Pant, adding that by the end of 2021, ransomware is expected to attack a company every 11 seconds and cause damage of up to 20 billion dollars.
“In the face of these growing threats, we must ensure that our organizations, particularly the nation’s critical infrastructure, remain safe and secure,” he said.
The National Cybersecurity Coordinator said that it is now the collective responsibility of the international community to ensure that the global cyberspace is not dominated by criminal activities such as Ransomware and “we create for our future generations” a safe, secure and resilient cyberspace.
The Indian official appreciates the US initiative to bring 30 nations together on a common platform to discuss and find solutions to improve our collective resilience, virtual currency abuse and needs to investigate and prosecute the perpetrators of ransomware.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)