Cybercrime Ransom Payment Refused by 40 Nations
Numerous U.S. allies have joined a commitment to never pay ransoms to digital extortionists, illustrating the increasing impact of ransomware on their national security and economies. This commitment was announced during the second annual meeting of the International Counter Ransomware Initiative and was reported by various media outlets. Although there is no official statement from the White House yet, it is evident that the issue is being taken seriously.
Anne Neuberger, the deputy national security advisor, was reported as emphasizing the need to cut off the financial flow to ransomware criminals, as this is essential for addressing the problem effectively. The exact implementation details of this commitment remain unclear, but it could potentially lead to the adoption of industry best practices through local laws and regulations, as suggested by Joseph Thacker, a researcher at AppOmni.
The objectives of this commitment are ambitious, as many countries and organizations targeted by ransomware often lack the necessary backup systems to recover without paying ransoms. However, this commitment would compel them to explore high-quality backup solutions that can be swiftly and easily deployed.
During the White House meeting, participating nations also pledged to disrupt the payment mechanisms utilized by threat actors. This involves creating improved platforms for sharing information about cryptocurrency payment accounts used by ransomware perpetrators and employing more advanced AI analysis of blockchain payment transactions to detect illicit funds.
The U.S. Treasury Department will issue a blacklist of digital wallets used by threat actors, and separate information-sharing platforms will be established, one by Lithuanian authorities and another by the UAE/Israel.
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According to a blockchain activity analysis conducted by Chainalysis, ransomware is on track to achieve one of its most profitable years. Threat actors managed to extort at least $449 million between January and June 2023, which is $176 million more than the same period in 2022, according to the firm's findings.
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