- A US-led coalition of 40 nations will commit to never negotiating ransoms with cybercriminals and actively fight hacker financing
- This initiative, the International Counter Ransomware Initiative, addresses the increasing threat of ransomware attacks
- The US has been victim to several high-profile ransomware attacks in recent years
A US-led coalition comprising 40 nations is set to sign a commitment to never negotiate ransoms with cybercriminals and to actively combat the financing of hackers, according to a senior White House official. The initiative, known as the International Counter Ransomware Initiative, is a response to the escalating global menace of ransomware attacks that have targeted the US in particular in recent years. Anne Neuberger, the US Deputy National Security Adviser for Cyber and Emerging Technologies in the Biden administration, highlighted the critical necessity to curtail the flow of money to ransomware criminals, emphasizing that this issue will persist as long as financial incentives remain intact.
Ransomware Attacks Continue to Debilitate Companies
Ransomware attacks involve hackers encrypting an organization’s systems and then demanding ransom payments for decryption. These criminals often go a step further by stealing sensitive data, using it for extortion, and threatening to release it online if payments are not made.
While countless companies fall victim to such attacks annually, high-profile cases within the US have recently afflicted companies like MGM Resorts International and Clorox, both of which are still grappling with the aftermath of these disruptions. Prior instances have targeted the Colonial Pipeline and JBS, although authorities managed to recapture some of the assets in these cases. A bill was proposed in January 2020 that aimed to make ransomware payments to hackers illegal, but it never got off the ground.
Partners Will Create “Black List”
The new collaborative effort intends to obstruct the funding sources of cybercriminals through enhanced information sharing related to ransom payment accounts. To facilitate this, two information-sharing platforms are being established, one led by Lithuania and the other jointly managed by Israel and the United Arab Emirates.
Partner nations will cooperate on the creation of a “black list” shared through the US Department of Treasury, which will contain details about digital wallets used for transferring ransomware payments. Additionally, artificial intelligence will be harnessed to scrutinize blockchain data for the identification of illicit funds.
