A Path to Banning Ransomware Payments | A Conversation with Ari Schwartz | Redefining CyberSecurity Podcast with Sean Martin

Feb 29, 2024

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Guest: Ari Schwartz, Managing Director of Cybersecurity Services and Policy at Venable LLP [@VenableLLP]

On Linkedin | https://www.linkedin.com/in/ari-schwartz-484a297a/

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Host: Sean Martin, Co-Founder at ITSPmagazine [@ITSPmagazine] and Host of Redefining CyberSecurity Podcast [@RedefiningCyber]

On ITSPmagazine | https://www.itspmagazine.com/itspmagazine-podcast-radio-hosts/sean-martin

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This Episode’s Sponsors

Imperva | https://itspm.ag/imperva277117988

Devo | https://itspm.ag/itspdvweb

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Episode Notes

In this episode of Redefining CyberSecurity, host Sean Martin speaks with Ari Schwartz about the momentum to ban ransomware payments and the path to achieve it. Schwartz, a cybersecurity expert with three decades of experience, discusses his recently published blog post titled "The Path to Banning Ransomware Payments", and unpacks the ways not just businesses, but also governments can respond to this growing threat.

Martin and Schwartz delve into significant issues, including the moral, national security, and economic imperatives for banning these payments. The duo further discuss four potential strategies to make not paying ransoms the rational thing to do: requiring victims to report ransom payments, to submit to oversight by a government regulator, to pay fines or face potential criminal charges for refusing to comply.

Addressing the practicalities of such a ban, Schwartz believes it’s likely to happen within the next 3 to 5 years but notes the need for passing laws to successfully enforce it. He also examines the critical role of insurance in this scenario and emphasizes the importance of risk mitigation strategies and robust cybersecurity measures.

The episode also explores potential exceptions to the ban like potential life-or-death situations or major economic harm, and the need for government intervention during ransom situations. Lastly, they discuss how targeting ransomware can help internal corporate security teams highlight the threats to their leadership and drive investment in robust cybersecurity.