Rob Cheng, founder and CEO of PC Matic, joined CNBC’s Squawk Box this morning to discuss cybersecurity best practices. Rob stated much of today’s cyber threats are avoidable if the right technology is in place. As a matter of fact, he reported it could be reduced by a factor of ten, if organizations simply added application whitelisting to their security stack. But why are American’s facing this threat to begin with?
Ransomware is a Business Model
Let’s not forget that ransomware is a business model. A rather profitable one at that. If your business is successful, are you just going to stop? No. Because ransomware is able to infect networks across the globe, and they make a pretty penny doing it, the threat will continue. Not only will ransomware continue to threaten America’s digital infrastructure, but the attacks will continue to advance in sophistication. This is why application whitelisting matters, and should be deployed in conjunction with the existing cybersecurity stack of the business.
Cryptocurrency Regulation Vs. Prevention
But what about cryptocurrency? Does that play a role? Cryptocurrency is a form of digital currency that is untraceable. Cyber criminals require this, typically Bitcoin, as their form of payment to provide a decryption key. A decryption key is the unlock code to restore the network after ransomware has been installed. The theory is, if forms of cryptocurrency are eliminated, ransomware would be eliminated as well. As Rob states, the problem with this is, another cryptocurrency will simply be created.
Alternatively, placing a higher emphasis on preventing the attack to begin with, is where organizations need to focus. Prevention is the key, and application whitelisting is the gold standard.
Watch The Squawk Box Segment
To watch Rob’s full Squawk Box segment, click here.
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