An alliance of 40 countries, led by the United States, is set to make a collective commitment to never pay ransoms to cybercriminals and work together to disrupt the funding mechanisms of these hackers, according to a senior White House official.
This global effort, known as the International Counter Ransomware Initiative, is in response to the escalating number of ransomware attacks occurring worldwide. The United States has been heavily impacted, accounting for 46% of these attacks, as highlighted by Anne Neuberger, the US Deputy National Security Adviser for Cyber and Emerging Technologies in the Biden administration.
Ransomware attacks typically involve hackers encrypting an organization’s systems and demanding ransom payments in exchange for the decryption key. In some cases, these cybercriminals also steal sensitive data and threaten to release it unless the ransom is paid.
Recent high-profile incidents in the United States include attacks on casino operator MGM Resorts International and cleaning products manufacturer Clorox, both of which are still grappling with the aftermath.
The new initiatives within the alliance aim to disrupt the flow of funds to ransomware criminals by enhancing information sharing related to ransom payments. Two information-sharing platforms are planned, with one led by Lithuania and the other jointly by Israel and the United Arab Emirates.
Partner countries will collaborate to create a “black list” through the US Department of Treasury, containing information about digital wallets used for transferring ransom payments. Artificial intelligence will also be employed to analyze blockchain data, helping to identify illicit funds.
Chainalysis, a blockchain analytics firm, reported in July that the volume of cryptocurrency payments to ransomware attackers is on track to reach its second-highest annual total on record.