40 countries form alliance to refuse paying ransom to cybercriminals, according to US.
Forty Countries Join Forces to Combat Ransomware Attacks
In a bold move to tackle the growing threat of ransomware attacks, a U.S.-led alliance consisting of forty countries has pledged to never pay ransom to cybercriminals. Their goal is to eliminate the funding mechanism that fuels these hackers’ activities, according to a senior White House official.
The International Counter Ransomware Initiative comes at a time when ransomware attacks are on the rise worldwide. The United States has been hit the hardest, accounting for 46 percent of such attacks, as revealed by Anne Neuberger, 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 emphasized during a virtual briefing with reporters.
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Ransomware attacks involve hackers encrypting an organization’s systems and demanding ransom payments in exchange for unlocking them. In many cases, these hackers also steal sensitive data and use it to extort victims, threatening to leak it online if the payments are not made.
While numerous companies fall victim to these attacks each year, recent high-profile incidents in the United States have affected casino operator MGM Resorts International and cleaning products manufacturer Clorox. Both companies are still recovering from the disruptions caused.
The alliance’s new initiatives aim to disrupt the funding of these criminals by improving information sharing about ransom payment accounts. Lithuania will establish one information-sharing platform, while Israel and the UAE will jointly create another.
Partner countries will collaborate by sharing a “black list” through the U.S. Department of Treasury, which will contain information about digital wallets used for ransomware payments, Neuberger explained.
Furthermore, artificial intelligence will be employed to analyze blockchain technology, with the objective of identifying illicit funds, she added.
According to blockchain analytics firm Chainalysis, the volume of cryptocurrency payments to ransomware attackers is on track to reach its second-highest annual total on record.
What are the key objectives of the International Counter Ransomware Initiative?
Support ransomware attacks, these cybercriminals will continue to target and disrupt critical infrastructure, businesses, and individuals,” the senior White House official stated. “By committing to never pay ransoms, we are cutting off the key source of their funding and sending a clear message that ransomware attacks will not be tolerated.”
The initiative, which includes countries from North America, Europe, Asia, and the Middle East, aims to coordinate efforts in combating ransomware attacks through improved information sharing, technical assistance, and joint law enforcement operations. It will also prioritize outreach and support to countries with emerging cyber capabilities to enhance their resilience against such attacks.
Ransomware attacks involve malicious software that encrypts data and holds it hostage until a ransom is paid, often in cryptocurrency. These attacks have not only targeted governments and large corporations but have also impacted hospitals, schools, and individuals who rely on their digital systems for everyday operations. The financial costs and disruptions caused by these attacks are substantial and demand a unified response.
The International Counter Ransomware Initiative recognizes the need for a collective, global effort to combat this cyber threat. By pooling resources and expertise, the alliance aims to strengthen cybersecurity defenses, detect and disrupt ransomware networks, and hold cybercriminals accountable.
In addition to the commitments made by the participating countries, the initiative also calls on businesses and organizations to take steps to protect themselves from ransomware attacks. This includes implementing robust security measures, regularly backing up data, and ensuring employees are trained to recognize and report suspicious activity.
Furthermore, the initiative highlights the importance of cooperation between governments and the private sector in addressing this evolving cyber threat landscape. Cybersecurity firms, technology companies, and financial institutions are encouraged to share threat intelligence, develop innovative solutions, and support law enforcement efforts in tracking down and dismantling ransomware operations.
While the International Counter Ransomware Initiative marks an important step forward in the fight against ransomware attacks, experts acknowledge that eradicating this threat entirely will require a multi-faceted approach. Strong cybersecurity practices, international cooperation, and continued investment in research and development of cybersecurity technologies are essential to stay one step ahead of cybercriminals.
The launch of this initiative sends a powerful message to ransomware operators that the international community is united in its determination to mitigate the threat they pose. By applying coordinated pressure and denying them their financial incentives, we can significantly reduce their ability to cause harm and protect the digital infrastructure that underpins our societies.
As ransomware attacks continue to evolve and become increasingly sophisticated, it is crucial for countries and organizations to remain vigilant and adapt their cybersecurity strategies accordingly. The International Counter Ransomware Initiative serves as a rallying call for global collaboration and a reminder that by working together, we can effectively combat this growing threat to our digital resilience and security.
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