Our CEO Gaurav Keerthi explained to Krist Boo from The Straits Times that when a ransomware attack hits their company, many SMEs turn to the authorities hoping that they have a "magic key" to save them.
Unfortunately, the harsh reality hits them: There's no magic decryptor. No "Undo." Authorities won't have the solution.
"Your main overriding concern [as a victim] is to get back in shape. Informing other people who will ask you questions is not top on your list of priorities."
— Gaurav Keerthi, CEO of StrongKeep
The Uncomfortable Reality
When SMEs experience ransomware attacks, they often approach authorities expecting immediate solutions. However, the reality is far more challenging than most victims anticipate.
This reality check is difficult for businesses already in crisis mode. The expectation that someone can simply reverse the damage often leads to disappointment and delays in taking appropriate action.
Survival Comes First
When a business is under attack, priorities become very clear very quickly. Victims focus on restoring operations rather than filing reports or answering questions from investigators.
This highlights a fundamental tension between the immediate operational needs of affected organizations and broader reporting obligations that regulatory frameworks might impose.
The Reporting Dilemma
Should insurers be compelled to report ransomware incidents? The question raises important considerations:
- Data collection: Better incident data could help the broader ecosystem understand and respond to threats
- Privacy concerns: Victims may face additional exposure and reputational damage
- Timing challenges: Reporting during crisis adds burden to already overwhelmed teams
- Trust implications: Mandatory reporting may discourage insurance claims or honest disclosure
Read the Full Story
Read the full article on The Straits Times: Should S'pore compel insurers to report ransomware incidents?
