Defending Against Ransomware: OSFI Updated Advisory On Cyber Incident Reporting

Ransomware continues to present an increasing risk to all organizations. Ransomware attacks can involve the installation of malicious software designed to block access to computer systems and/or steal data, and a corresponding extortion demand for a ransom fee. The threat and impact of these attacks has grown dramatically as a result of the following:

• increasing numbers of criminal-actor groups targeting organizations of all sizes and in all industries;
• vastly increased ransom payment demands;
• increasing sophistication of the attack methods; and
• evolving strategies of the threat actors to steal data (in addition to encrypting it) and publicly 'shame' organizations who refuse to pay the ransom demands.