A collective of 40 countries, led by the United States, intends to sign a pledge never to pay ransoms to cybercriminals to combat the growing threat.
The International Counter Ransomware Initiative met at a summit to discuss the pledge at the same time that ransomware attempts are growing in number, according to Anne Neuberger, U.S. deputy national security adviser in the Biden administration for cyber and emerging technologies.
BIDEN AND GOP RIVALS TRY TO SHIFT FOCUS TO TRUMP’S AGE AND GAFFES IN 2024 RACE
The U.S. has been the worst hit by these attacks, with 46% of all ransomware attacks occurring within its borders. Ransomware is the practice where a hacker takes over an organization’s systems and locks them away. The hacker then demands the organization pay a fee to regain access.
Hundreds of companies are often affected by this cybersecurity practice every year, although some notable cases arose in the last quarter, including attacks on the tourist chain MGM Resorts International and cleaning products maker Clorox.
“As long as there is money flowing to ransomware criminals, this is a problem that will continue to grow,” Neuberger said.
The initiative will aim to eliminate the funding through better information sharing about ransom payment accounts. Countries that agree to the partnership will share a “blacklist” through the Treasury Department that will include details about how information on digital wallets is being used to move ransomware payments, Neuberger said. She also noted that the effort will use artificial intelligence to analyze blockchain transactions to identify illicit funds.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Neuberger stressed she sees this initiative as an international partnership and that she hopes members of the CRI, Interpol, and the European Union will work together to build the “largest cyber partnership in the world.”
The initiative was launched in 2021 with more than 30 members. The White House hosted a summit with 48 countries, although not all attendees agreed to the pledge.
