The U.S leads an alliance in a fight against cybercriminals 

In a US-led alliance, a total of 40 countries are moving to seize and pay ransom to cybercriminals. According to reports, the countries plan to sign a pledge that instead of paying ransoms to cybercriminals, they would work toward putting to a complete end the “hackers’ funding mechanism.”

The statistics given by the U.S. Deputy National Security Adviser Anne Neuberger shows that the U.S. has recorded 46% of such attacks. Thus, the United States is the most hit as global ransomware exploits increase. This, however, birthed “The International Counter Ransomware Initiative.”

Also, Chainalysis in July reported that “the volume of crypto payments to ransomware attackers is on track for its second-biggest annual total on record.”

The deputy states “As long as there is money flowing to ransomware criminals, this is a problem that will continue to grow.”

Collaboration between the 40 countries aims to take down the criminals’ funding via more coordinated information sharing on ransom payment accounts. Neuberger said further that two platforms dedicated to information sharing will be created by Lithuania and another by Israel and the UAE in a joint effort.

Countries partnering for the alliance will share a “black list” through the U.S. Department of Treasury. The list will include information on digital wallets used to move or transfer ransomware payments.

In a previous announcement, the White House has already begun making preparations for a new policy that will address the government’s response to ransomware attacks. This policy will also outline how information about these attacks will be shared. Importantly, the deputy mentioned that artificial intelligence will be utilized to analyze blockchain data to identify illicit funds.

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