What the President's Executive Order Could Mean for the Future of Ransomware

iQuanti: Last summer, the current President of the United States issued an executive order announcing the federal government's plan to develop a comprehensive approach to cybercrime. Many experts took it as a sign that the cybersecurity industry had reached a new era of development, but what does this new future look like? 

Executive Order 14028, "Improving the Nation's Cybersecurity," will encourage cooperation between the public and private sectors, as well as call for the creation of new governmental bodies to further the growth of cybersecurity. By doing so, the United States government struck a decisive blow against ransomware families which may mean a brighter and safer future for our private data.

How will Federal Agencies Get Involved in Cybersecurity?

EO 14028 announced the U.S. government's intention to "remove barriers to threat information sharing between government and the private sector." This means that the federal government will work with private organizations to share information regarding any data breaches. It will also lead to a stronger security standard for any organization working with the United States government.

If the federal government and private contractors can coordinate their cybersecurity efforts, there will be a wider body of information and manpower to combat cybercriminals. Ransomware operations, in particular, will suffer against heightened ransomware protection, given their tendency to attack both government and private sector bodies.

What is the Cyber Safety Review Board?

The new cybersecurity executive order also proposed the creation of a "Cyber Safety Review Board," intended to review major cybersecurity incidents, similar to the reviews of the National Transportation Safety Board. If created, this Cyber Security Safety Board will create a public record of cyberattacks and investigate the techniques and individuals behind them. 

An official government body dedicated to the review of cyberattacks means that all organizations can have a shared knowledge that ideally will protect them from future cybersecurity incidents. While companies aren't obligated to share information about their cybersecurity measures, a public entity sharing information means that it can be accessed by all companies and organizations, improving protection against cyberthreats such as ransomware across the board.

A Cybersecurity Playbook

In the current cybersecurity landscape, documents that contain the best practices for protection and threat response aren't commonly shared between organizations. The executive order calls for a cybersecurity playbook that will dictate the responses to future cybersecurity threats and attacks.

Not only will a cybersecurity playbook encourage interagency cooperation in the federal government, it will also give inexperienced organizations solid rules of thumb to respond to their own cybersecurity threats. The U.S. government essentially has set an industry standard for the best possible strategies to fight ransomware attackers and other cybercriminals. 

A Strong Push for Ransomware Protection

The executive order signals a strong intention from the United States to invest in cybersecurity prevention and protection. Combined with the body of knowledge in the private sector, a new era in cybersecurity will see added countermeasures against digital threats such as ransomware, phishing and other forms of malware.

While this doesn't preclude cybercriminals from developing new techniques and technologies, this executive order symbolizes a united front against these criminals. Instead of private organizations left to their own devices, there are now collaborations between organizations that can combat the growing rise of the malicious theft of private information and data. In short, this development bodes well for the near future of ransomware protection and beyond.

Source: iQuanti, Inc.