Truesec and Europol partner to fight cybercrime

By Gloria Methri

Cybersecurity companies Truesec and Europol have joined forces to disrupt criminal businesses with the initiative “No More Ransom”. As part of the initiative, Truesec has developed a unique decryption tool that will help ransomware victims to recover encrypted files, without having to pay cybercriminals.

Europol, the Dutch National Hi-Tech Crime Unit, and select IT security companies have come together to disrupt cybercriminal business models with ransomware connections.

Ransomware is malicious software that encrypts files and data, used by cybercriminals to extort victims for ransom.

“For every ransom paid, cybercriminal groups grow stronger,” said Markus Lassfolk, Vice President of Truesec Incident Response. “We have a strong track record of helping clients recover from ransomware attacks – without having to pay a ransom. By being an active contributor to No More Ransom, we can help more victims with our technical expertise and help them minimize the damage from cyber-attacks.

Truesec has been appointed Associate Partner for developing the decryption tool and decryption keys for the Chaos ransomware family, which will help thousands of victims of ransomware attacks regain access to their data. The term ransomware family refers to a group of ransomware strains that were derived from the same original ransomware.

Truesec, which has been fighting cybercrime for years,  manages some of the largest and most severe cyber incidents worldwide.

Anna Averud, CEO of Truesec Group said, “At Truesec, we know firsthand what devastating impact ransomware attacks have on organizations and critical infrastructure. We are happy to contribute to the No More Ransom initiative and welcome any collaboration that helps create safety for our societies. This is a fight we must win together.”