International Counter Ransomware Initiative

November 1, 2023

A coalition of 40 countries, led by the United States, is set to sign a pledge committing to never pay ransoms to cybercriminals and work towards disrupting the funding mechanisms of hackers. This initiative, known as the International Counter Ransomware Initiative, seeks to address the growing threat of ransomware attacks worldwide.

Escalating Ransomware Attacks

Ransomware attacks have been on the rise globally, with the United States being the hardest-hit country, accounting for 46% of such attacks. These attacks involve hackers encrypting an organization’s systems and demanding ransom payments in exchange for unlocking them, often accompanied by threats to leak sensitive data if payments are not made.

Disrupting the Funding Mechanism

The primary goal of the alliance is to disrupt the funding mechanisms of ransomware criminals. This will be achieved through improved information sharing about ransom payment accounts. Two information-sharing platforms will be established, one by Lithuania and another jointly by Israel and the UAE. Partner countries will collaborate on sharing a “black list” through the U.S. Department of the Treasury, containing information on digital wallets used for ransomware payments.

Leveraging Emerging Tech

The initiative will leverage artificial intelligence to analyze blockchain data, aiming to identify and track illicit funds associated with ransomware attacks. This effort aligns with the broader objective of cutting off the flow of money to cybercriminals.

Crypto Payments to Ransomware Attackers

Crypto payments to ransomware attackers have seen a significant increase, with 2022 on track for the second-highest annual total on record, according to blockchain analytics firm Chainalysis.

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