— This is the script of CNBC's news report for China's CCTV on May 14, 2021, Friday.
That being said, there is no better choice for those companies under attack if they want to reduce the impact as soon as possible. A report from cybersecurity company CrowdStrike showed that the number of organizations globally paying ransomware demands had doubled in 2019 to 39% from 14% in the previous year. Another cybersecurity report released last year by Verizon, the largest American telecom service provider, pointed out that only 10% of cyber-attacks were motivated by espionage, whereas 86% were for money. That is why large companies can always be targeted by hackers. Verizon's report states that 72% of the victims were large companies.
As information technology evolves, hacking is becoming more and more common. A study conducted by data analysis company Accenture finds that 66% of business leaders see the risk of cybersecurity rising. In the past, the focus was on large-scale data breaches. But this time, the attack from DarkSide threatened the safety of critical infrastructure in the United States, making it a wake-up call for multiple regulatory agencies.
Transportation Secretary of the United States
"I think for many Americans, this has been a wake-up call on how actors anywhere in the world could impact us right here at home. And when you look at our policy framework, our laws, a lot of them were not written for the cyber era. The other thing I think it's reminding us of is the fact that in the United States.The federal government does not actually own and operate all or even most of our critical infrastructure in this country. And what that means is, we're only as strong as our weakest link. "
The Colonial Pipeline attack sparked a huge debate in the states. A federal-level warning system and regulations of corporate security management are all under discussion. In Europe, cybersecurity is also an important issue for policymakers. In April, the European Union passed a plan to build a Cybersecurity Competence Centre and Network in order to further improve Internet and information security in the bloc.
Colonial Pipeline's decision to pay the hackers has drawn criticism. Just as stated in the previous report, paying ransom to hackers may incentivize more criminal actions, especially when you take into consideration that DarkSide, the hackers' group behind the attack, is claimed to be experienced. The Wall Street Journal reports that DarkSide has collected millions of dollars of ransom since August 2020, with over 80 companies as victims. According to Russian news agency Sputnik, four companies become new victims that are asked for ransom by DarkSide. These companies include an Italian equipment provider, a French helicopter operator, and two American construction material companies.
Of course, awareness of cybersecurity and investment increase is also crucial. According to Gartner, the global information security market will grow to $170.4 billion in 2022. It is a market where opportunities and challenges co-exist.