San Francisco, Calif. December 13, 2022–Ransomware continues to be a leading concern for law enforcement, government, and financial institutions (FIs), as losses and drivers for ransomware attacks are expected to grow exponentially in 2023. Geopolitical tensions put U.S. critical infrastructure at increasing cyber-attack risk, including ransomware. Javelin Strategy & Research’s new report, Ransomware Negotiation Market Landscape 2022, reviews three key components of ransomware negotiation — capacity, culture, and collaboration.
New data from the US Treasury’s Financial Crimes Enforcement Network reveal that ransomware attacks pose a “significant threat” to all critical infrastructure sectors, particularly FIs. Javelin’s report identifies negotiation as playing the most significant role in ransomware identification, payment, and settlement. It isolates three critical components of effective ransomware negotiation and names the providers who do it best.
“Javelin conducted an exhaustive review of ransomware mitigation strategies and found that ransomware negotiation is an area few institutions know much about—and one where they need more guidance to make informed decisions,” said Tracy Kitten, director of Javelin Strategy & Research’s Fraud & Security practice and lead author of the report. “We wanted to address that knowledge gap to provide FIs with recommendations for selecting a ransomware negotiation provider to help them mitigate long-term risk.”
Javelin identified organizations that specialize in ransomware negotiation, using 38 criteria across three categories:
- Capacity: The ability of a negotiation provider to meet all the needs of a victim organization independent of the organization’s size or technical sophistication.
- Culture: A set of practices that maximizes transparency and support of the victim and ensures negotiators act in the best interest of the victim.
- Collaboration: An approach that enables negotiators to communicate and work effectively with the victim to ensure the outcome of ransomware negotiations meets the victim’s expectations.
Of the organizations, Javelin selected five to spotlight, because of their varying degrees of expertise in capacity, culture and collaboration. Those five companies are: Atlant Security, Blackpanda, Coveware, Cyber Hermes, CyberSecOp.
Get more information about the report: Ransomware Negotiation Market Landscape 2022
About Javelin
Javelin Strategy & Research, part of the Escalent family, helps its clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions, including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs, and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. For more information, visit javelinstrategy.com. Follow us on Twitter and LinkedIn.
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Tejas Puranik
tejas.puranik@javelinstrategy.com
