October 31, 2023 at 03:43PM
The US and 40 other countries plan to sign a pledge stating that they will never pay a ransom to cybercriminals. This initiative aims to cut off the funding for ransomware attacks. The US, being heavily affected by these threats, is leading the effort. The alliance will share information about ransom payment accounts, use AI to analyze blockchains, and share a blacklist of digital wallets used for ransom payments.
Key takeaways from the meeting notes:
1. The US, along with 40 other countries, is planning to sign a pledge to an alliance that will never pay a ransom to cybercriminals in the future.
2. The initiative, known as the International Counter Ransomware Initiative, aims to cut off the funding mechanism for threat actors and target the operators of ransomware attacks.
3. The US is leading the plans due to being heavily affected by ransomware threats, with 46% of victims located in the country.
4. Recent high-profile US attacks, such as those on MGM Resorts International and Clorox, have influenced these new steps in the initiative.
5. Countries in the alliance will establish two information-sharing platforms to create a better knowledge base on ransom payment accounts.
6. Lithuania will be responsible for one information-sharing platform, while Israel and the United Arab Emirates will jointly develop the second.
7. Artificial intelligence (AI) will be utilized to analyze blockchains and identify illicit funds used for ransom payments.
8. The US Department of Treasury will share a blacklist of digital wallets used for ransom payments.
9. The aim of the initiative is to prevent money from flowing to ransomware criminals, as this can contribute to the growth of the problem.