Diplo is actively reporting from the 2024 Internet Governance Forum (IGF) in Riyadh, while the forum’s day one is still, and another essential panel of international experts shed light on the relentless rise of ransomware attacks and the global efforts to counter this growing cyber threat. Moderated by Jennifer Bachus of the US State Department, the session featured cybersecurity leaders Elizabeth Vish, Daniel Onyanyai, and Nils Steinhoff, who highlighted the scale of the crisis and the collaborative response through the Counter Ransomware Initiative (CRI).
Ransomware, described as ‘cybercrime as a service,’ has evolved from simple data encryption to complex extortion schemes targeting critical infrastructure worldwide. ‘Emerging markets are now increasingly in the crosshairs,’ noted Elizabeth Vish, pointing to growing vulnerabilities in developing economies that lack robust cybersecurity resources. With over $1.1 billion in crypto payments extracted by attackers in 2023 alone, ransomware continues to prove profitable, its impacts often crippling public services like hospitals and government institutions.
Established in 2021, the CRI is a coalition of nearly 70 nations dedicated to building collective cyber resilience. Operating under four pillars—policy development, capacity development, public-private partnerships, and the International Counter-Ransomware Task Force—the CRI offers platforms for real-time threat sharing, technical support, and global cooperation. Onyanyai emphasised the initiative’s mentorship model: ‘Advanced nations can guide less-prepared countries, ensuring no one faces this threat alone.’
Public-private cooperation emerged as a cornerstone of the fight. Vish stressed that private companies, often the first to detect attacks, ‘own critical infrastructure and can contribute threat intelligence and resilience strategies.’ Additionally, the role of cyber insurance was discussed as a tool for incentivising better cybersecurity hygiene while facilitating incident recovery.
The panellists underscored the need for collective preparation, emphasising proactive measures like multi-factor authentication and data backups. Vish coined the mantra: ‘Prepare, don’t pay.’ While CRI officially advocates a ‘no ransom’ stance, some countries still grapple with policies on payments.
The session concluded with a stark reminder: no country is immune to ransomware. Whether through emerging AI capabilities or evolving tactics, ransomware remains a persistent, global threat. As Jennifer Bachus aptly summarised: ‘Only through cooperation, capacity building, and resilience will we turn the tide against these cybercriminals.
All transcripts from the Internet Governance Forum sessions can be found on dig.watch.
