The ransomware business is thriving in Canada, with recent victims including large corporations like London Drugs, the City of Hamilton, and the government of Newfoundland and Labrador. Cybercriminals, who often boast about their attacks on the dark web, do not discriminate in their targets, which have included a B.C. library network, the First Nations Health Authority, and an Ontario charity for disabled children.
Cybersecurity experts warn that these attacks have serious implications for both victims and the public, emphasizing the need for multi-layered protection in an environment with evolving online security standards. Brett Callow, a B.C.-based threat analyst, advocates for a ban or regulation on ransom payments to curb the attacks. However, Toronto-based lawyer Eric Charleston argues that such bans could unfairly punish victims and that regulations on cryptocurrency transactions might not be effective.
The potential consequences of data breaches are extensive, ranging from financial and reputational damage to legal liabilities. Proposed new federal and Ontario laws could establish minimum security standards for certain sectors. Companies targeted by ransomware can face class-action lawsuits, as seen in the 2019 LifeLabs breach settlement.
There have been some successes for law enforcement, such as the disruption of the LockBit cybercrime group by the UK’s National Crime Agency. However, cybercriminals quickly adapt, as LockBit resumed operations shortly after being disrupted. The stakes of ransomware attacks can be severe, with research indicating that such attacks on hospitals have resulted in patient deaths.
Original article courtesy of cybersecurityjournal.ca
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