Summary Alliance of 40 countries to vow not to pay ransom to cybercriminals, US says | Reuters www.reuters.com
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A coalition of 40 nations is working together to disrupt cybercriminals' finances and exchange a blacklist of accounts used for ransom payments.
Slides
Slide Presentation (8 slides)
Key Points
- Forty countries in a U.S.-led alliance plan to sign a pledge never to pay ransom to cybercriminals.
- The alliance aims to eliminate the funding mechanism of hackers through better information sharing.
- The United States is the worst hit by ransomware attacks, accounting for 46% of such attacks.
- The initiative will create two information-sharing platforms to share a "black list" of ransom payment accounts.
- Artificial intelligence will be used to analyze blockchain and identify illicit funds.
Summaries
21 word summary
A U.S.-led alliance of 40 countries is collaborating to disrupt cybercriminals' funding and share a "black list" of ransom payment accounts.
68 word summary
Forty countries in a U.S.-led alliance have vowed not to pay ransoms to cybercriminals and are collaborating to disrupt their funding. Two information-sharing platforms, created by Lithuania and a partnership between Israel and the UAE, will enable countries to share a "black list" of ransom payment accounts. The initiative aims to cut off the flow of money to ransomware criminals, making attacks less profitable and deterring future ones.
259 word summary
Forty countries in a U.S.-led alliance have committed to never paying ransoms to cybercriminals and are working together to eliminate the hackers' funding mechanism. The International Counter Ransomware Initiative aims to disrupt the criminals' funding by sharing information about ransom payment accounts. Lithuania and a partnership between Israel and the UAE will create two information-sharing platforms. These platforms will enable partner countries to share a “black list” of digital wallets used for ransomware payments. Artificial intelligence will also be utilized to analyze blockchain transactions and identify illicit funds.
Ransomware attacks involve hackers encrypting an organization's systems and demanding ransom payments in exchange for unlocking them. The initiative aims to tackle the problem at its root by cutting off the flow of money to ransomware criminals. According to blockchain analytics firm Chainalysis, cryptocurrency payments to ransomware attackers are on track for their second-highest annual total on record.
By pledging not to pay ransoms, the countries in the alliance are sending a strong message to cybercriminals that their actions will not be rewarded. The establishment of information-sharing platforms and the creation of a “black list” of ransom payment accounts will provide valuable intelligence for law enforcement to track and disrupt these criminal networks.
The International Counter Ransomware Initiative is a crucial step in the global fight against cybercrime. It demonstrates the commitment of these countries to protect their citizens and organizations from the escalating threat of ransomware attacks. By focusing on disrupting the funding mechanism of these criminals, the alliance aims to make ransomware attacks less profitable and deter future attacks.
516 word summary
Forty countries in a U.S.-led alliance have committed to never paying ransoms to cybercriminals and are working together to eliminate the hackers' funding mechanism. The International Counter Ransomware Initiative aims to address the increasing number of ransomware attacks globally, with the United States being the most targeted country. The initiative seeks to disrupt the criminals' funding by sharing information about ransom payment accounts. Lithuania and a partnership between Israel and the UAE will create two information-sharing platforms. These platforms will enable partner countries to share a "black list" of digital wallets used for ransomware payments. Artificial intelligence will also be utilized to analyze blockchain transactions and identify illicit funds.
Ransomware attacks involve hackers encrypting an organization's systems and demanding ransom payments in exchange for unlocking them. These attacks often involve the theft of sensitive data, which is used to extort victims and leaked online if payments are not made. Notable attacks on MGM Resorts International and Clorox have underscored the ongoing threat.
The initiative aims to tackle the problem at its root by cutting off the flow of money to ransomware criminals. Through information sharing on ransom payment accounts and the use of artificial intelligence to analyze blockchain transactions, the alliance hopes to identify and disrupt illicit funds. According to blockchain analytics firm Chainalysis, cryptocurrency payments to ransomware attackers are on track for their second-highest annual total on record.
The International Counter Ransomware Initiative represents a coordinated effort among 40 countries to combat cybercriminals and protect organizations from the devastating impacts of ransomware attacks. The United States, being the most affected country, is taking a leading role in this initiative. The alliance recognizes that as long as money continues to flow to ransomware criminals, the problem will persist and grow.
By pledging not to pay ransoms, the countries in the alliance are sending a strong message to cybercriminals that their actions will not be rewarded. Through information sharing and collaboration, they can strengthen their collective defenses against future attacks. The establishment of information-sharing platforms and the creation of a "black list" of ransom payment accounts will provide valuable intelligence for law enforcement to track and disrupt these criminal networks.
The International Counter Ransomware Initiative is a crucial step in the global fight against cybercrime. It demonstrates the commitment of these countries to protect their citizens and organizations from the escalating threat of ransomware attacks. By focusing on disrupting the funding mechanism of these criminals, the alliance aims to make ransomware attacks less profitable and deter future attacks.
In conclusion, the alliance of 40 countries is taking a unified stand against ransomware by vowing not to pay ransoms and working together to disrupt the funding mechanism of cybercriminals. The International Counter Ransomware Initiative represents a coordinated effort to combat this growing threat and safeguard organizations from the devastating impacts of ransomware attacks. Through information sharing and the use of artificial intelligence, the alliance aims to identify and disrupt illicit funds. This initiative sends a strong message to cybercriminals that their actions will not be tolerated, and that the international community is united in its fight against ransomware.
535 word summary
Forty countries in a U.S.-led alliance plan to sign a pledge never to pay ransom to cybercriminals and to work toward eliminating the hackers' funding mechanism, according to a senior White House official. The International Counter Ransomware Initiative aims to address the growing number of ransomware attacks worldwide, with the United States being the most heavily targeted country. The initiative seeks to disrupt the criminals' funding by sharing information about ransom payment accounts. Two information-sharing platforms will be created, one by Lithuania and another jointly by Israel and the UAE. Partner countries will share a "black list" of digital wallets used for ransomware payments. Artificial intelligence will also be used to analyze blockchain and identify illicit funds.
Ransomware attacks involve hackers encrypting an organization's systems and demanding ransom payments in exchange for unlocking them. These attacks often involve the theft of sensitive data, which is used to extort victims and leaked online if payments are not made. While hundreds of companies fall victim to ransomware attacks each year, high-profile attacks on MGM Resorts International and Clorox have highlighted the ongoing threat.
The initiative aims to tackle the problem at its root by cutting off the flow of money to ransomware criminals. By sharing information on ransom payment accounts and using artificial intelligence to analyze blockchain transactions, the alliance hopes to identify and disrupt illicit funds. The volume of cryptocurrency payments to ransomware attackers is on track for its second-highest annual total on record, according to blockchain analytics firm Chainalysis.
The International Counter Ransomware Initiative represents a coordinated effort among 40 countries to combat cybercriminals and protect organizations from the devastating impacts of ransomware attacks. The United States, as the most affected country, is taking a leading role in this initiative. It recognizes that as long as money continues to flow to ransomware criminals, the problem will persist and grow.
By pledging not to pay ransoms, these countries are sending a strong message to cybercriminals that their actions will not be rewarded. Additionally, by sharing information and working together, they can strengthen their collective defenses against future attacks. The establishment of information-sharing platforms and the creation of a "black list" of ransom payment accounts will provide valuable intelligence for law enforcement to track and disrupt these criminal networks.
The International Counter Ransomware Initiative is an important step in the global fight against cybercrime. It demonstrates the commitment of these countries to protect their citizens and organizations from the growing threat of ransomware attacks. By focusing on disrupting the funding mechanism of these criminals, the alliance aims to make ransomware attacks less lucrative and deter future attacks.
In conclusion, the alliance of 40 countries is taking a stand against ransomware by vowing not to pay ransoms and working together to disrupt the funding mechanism of cybercriminals. The International Counter Ransomware Initiative represents a coordinated effort to combat this growing threat and protect organizations from the devastating impacts of ransomware attacks. By sharing information and using artificial intelligence to analyze blockchain transactions, the alliance aims to identify and disrupt illicit funds. This initiative sends a strong message to cybercriminals that their actions will not be tolerated, and that the international community is united in its fight against ransomware.