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A coalition of 40 countries, led by the United States, is set to make a commitment to never pay ransoms to cybercriminals and is working towards dismantling the funding mechanisms used by hackers, according to a senior White House official.
The International Counter Ransomware Initiative comes as the global incidence of ransomware attacks continues to rise. The United States has been significantly impacted, experiencing 46% of these attacks, as highlighted by Anne Neuberger, U.S. Deputy National Security Adviser for Cyber and Emerging Technologies in the Biden administration.
Neuberger stated, “As long as ransom payments continue to flow to cybercriminals, this issue will persist.”
Ransomware attacks typically involve hackers encrypting an organization’s systems and demanding ransom payments in exchange for decrypting the files. Often, these attackers also exfiltrate sensitive data and threaten to release it online if the ransoms are not paid.
While numerous companies fall victim to these attacks annually, recent high-profile cases in the United States occurred within the last two months, affecting MGM Resorts International, a casino operator, and Clorox, a cleaning products manufacturer. These companies have yet to fully recover from the disruptions caused by the attacks.
The coalition’s new initiatives are designed to disrupt cybercriminal funding by enhancing information sharing regarding ransom payment accounts. Two information-sharing platforms are set to be established: one by Lithuania and another jointly by Israel and the United Arab Emirates.
The partner countries will collaborate to maintain a “black list” through the U.S. Department of the Treasury, which will contain information about digital wallets used to facilitate ransomware payments, Neuberger explained. Additionally, artificial intelligence will be employed to analyze blockchain technology in an effort to identify illicit funds.
According to blockchain analytics firm Chainalysis, the volume of cryptocurrency payments to ransomware perpetrators is on track to reach its second-highest annual total on record, as reported in July.
This international commitment aims to strike at the heart of cybercriminal operations by making ransomware attacks less financially rewarding and thereby curbing their prevalence.
