Microsoft Join Forces With A Team Of Experts To Fight RansomWare

An association of 19 technology companies, of which Microsoft, Institute of Security and Technology (IST) and McAfee are well-known names, forms a team named Ransomware Task Force (RTF).

The team will explore ways to significantly mitigate threats posed by ransomware attacks, identify technology solutions, and develop a standard anti-virus framework for all industries to follow.

As ransomware incidents increase unregulatedly, cybercriminals sabotage the economy increasingly causing dangerous consequences, IST said.

Networks of hospitals, municipalities and other organizations have been attacked by crooks in search of payments. This requires action, which is why IST and its coalition partners plan to launch RTF in 2 to 3 months.

While ransomware may not be the most financially damaging type of cyber attack for businesses, it has certainly stood out.

Victims such as Foxconn, Kmart or Equinix represent only a few businesses affected by high-end ransomware attacks in 2020.

In addition to attackers gaining access to data that is often sensitive, ransomware attacks can cause massive disruptions, leaving companies disconnected from core systems.

This not only harms finance but also damages the reputation of businesses.

As planned, the Ransomware Task Force website is slated to launch next month with full membership and leadership details disclosed.