Title: U.S.-Led Alliance Moves to Curb Ransomware Attacks, Pledging Not to Pay Hackers
Date: October 31, 2021
By Zeba Siddiqui
San Francisco – Forty countries in a U.S.-led alliance have committed to never paying ransom to cybercriminals and are working towards shutting down the funding sources for hackers, according to a senior White House official on Tuesday.
The initiative, called the International Counter Ransomware Initiative, comes as ransomware attacks continue to rise globally. The United States has been particularly hard-hit, accounting for 46% of such attacks, according to Anne Neuberger, the U.S. deputy national security adviser in the Biden administration for cyber and emerging technologies.
“As long as there is money flowing to ransomware criminals, this is a problem that will continue to grow,” Neuberger told reporters during a virtual briefing.
Ransomware attacks involve hackers encrypting an organization’s systems and demanding ransom payments in exchange for unlocking them. In many cases, the attackers also steal sensitive data and use it to extort victims, threatening to leak it online if the payments are not made.
High-profile attacks in the United States have targeted companies such as casino operator MGM Resorts International and cleaning products maker Clorox, both of which are still struggling to fully recover from the disruptions caused.
The alliance’s new initiatives aim to cut off the funding sources for these criminals by enhancing the sharing of information about ransom payment accounts. Lithuania will create one information-sharing platform, while Israel and the UAE will jointly establish another, Neuberger stated.
Details of this initiative were reported by Reuters on Monday.
One aspect of the effort involves partner countries sharing a “black list” through the U.S. Department of Treasury, which will contain information on digital wallets used to move ransomware payments, Neuberger explained. Additionally, artificial intelligence will be utilized to analyze blockchain technology in order to identify illicit funds.
According to blockchain analytics firm Chainalysis, the volume of cryptocurrency payments made to ransomware attackers is projected to reach its second-highest annual total on record.
The International Counter Ransomware Initiative represents a significant step in tackling the growing scourge of ransomware attacks, which have become a major threat to businesses and governments worldwide. By refusing to pay ransoms and actively disrupting the funding mechanisms of cybercriminals, this global alliance aims to weaken their operations and protect individuals, organizations, and economies from the devastating impacts of ransomware attacks.
Editing by Cynthia Osterman
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[Source: Reuters]