As Ransomware Attacks Increase,Canada Implements New Cybersecurity Standards
The ransomware business is thriving in Canada.
Recent victims include major corporations like London Drugs, the City of Hamilton, Ont., and the government of Newfoundland and Labrador.
However, the criminals behind these attacks, who sometimes boast about their activities on the dark web, seem to target a wide range of organizations based on a small sample of the targets identified by threat analyst Brett Callow from B.C. Some of these targets include a B.C. library network, the province’s First Nations Health Authority, and an Ontario charity for disabled children.
Cybersecurity experts stress the serious implications of these attacks for both the victims and the general public. They emphasize the need for multi-layered protection in an environment with evolving online security standards.
Mr. Callow advocates for a complete ban on ransom payments, or at least regulations to limit them, to curb the rising trend of attacks. On the other hand, Toronto-based lawyer Eric Charleston argues that implementing a ban could punish the victims in some cases.
Both experts agree that potential targets must enhance their security measures to prevent breaches altogether.
Many incidents often go unreported, making it challenging to accurately assess the apparent increase in ransom cyberattacks. The rise of cryptocurrency has provided cybercriminals with a means to profit from data theft, particularly those operating in foreign jurisdictions.
The potential consequences of a data breach are extensive, including financial, reputational, and legal liabilities amid evolving cybersecurity standards in Canada.
Efforts to combat cybercrime have resulted in some victories for law enforcement, such as disrupting the operations of cybercriminal groups like LockBit. However, cybercriminals often find ways to resume their activities even after enforcement actions.
Despite the challenges, cybersecurity experts stress the importance of implementing robust security measures to prevent cyberattacks and safeguard sensitive data.
