Kurtis Minder Featured in One Big Thing

GroupSense CEO Kurtis Minder was featured in the Tuesday, November 7 issue of the Axios Codebook Newsletter. The "1 big thing" section is focused on the government's statement on not paying ransoms. Check out the excerpt below, and check out the full newsletter here.

Driving the news: A group of 48 governments, as well as the European Union and Interpol, signed a pledge last week to not pay hackers if their systems are hit with a ransomware attack.

• The commitment, which was made as part of last week's U.S.-led Counter Ransomware Initiative meeting, also strongly discouraged "anyone from paying a ransomware demand," including private sector organizations and organizations responsible for critical infrastructure.

The intrigue: In some cases, the larger ransomware volumes are working to victims' advantage, Minder said.

• In a handful of cases, Minder said, he's seen some ransomware gangs target so many companies that they forget who they're extorting and never return to negotiations over a payment and never leak the data they stole.

Yes, but: Without some larger enforcement mechanism or incentive program, banning ransom payments across the private sector is never going to work, Minder said.

• "Even if you made this illegal, the ransom would still be made," he said. "They just would be largely swept under the rug, or underground. It wouldn't achieve your goal."