Forty countries will sign an agreement during the third annual International Counter-Ransomware Initiative in Washington, according to which they commit to stop paying ransoms demanded by ransomware groups and cybercriminals.
Anne Neuberger , the White House Deputy National Security Advisor for Cyberspace and Emerging Technologies, suggested that this initiative is in response to the increased ransomware attacks worldwide. The US is the target of about 46% of these incidents.
According to Reuters, international discussions during the summit will also focus on strategies to block funds used by ransomware groups to finance their activities.
“Ransomware is an issue that knows no borders. And as long as there is money flowing to ransomware criminal gangs … the problem will continue to grow,” Neuberger told reporters on Monday.
See also: What we have learned from ransomware attacks on large companies
A senior administration official said that signing the agreement is essential to addressing the root cause of ransomware, which is financing . That's why everyone needs to commit and sign.
Representatives from 48 countries, the European Union and Interpol will attend the Counter-Ransomware Initiative summit this week. However, not all have confirmed that they will sign the agreement.
Ransomware attacks: Increasing and becoming more dangerous
Ransomware incidents increased in September, after a relatively quiet period in August, which nevertheless still exceeded the typical summer numbers.
Data from NCC Group revealed a total of 514 attacks in September. North America suffered the most of these attacks (50%). This was followed by Europe (30%) and Asia (9%).
Also, in the past two years, many government entities and organizations have been severely impacted by ransomware attacks.
The White House National Security Council facilitated the first Counter-Ransomware Initiative summit in October 2021, when 31 countries pledged to increase efforts to prevent crypto by ransomware groups. At the new summit, we hope everyone will sign the agreement to stop paying ransoms to cybercriminals.
See also: Microsoft warns as Scattered Spider expands from SIM Swaps to Ransomware
Ransomware mitigation
Global cooperation to effectively combat ransomware attacks can be achieved by developing a global information-sharing and collaboration network. Countries can work together to share information about the latest ransomware threats, cybercriminal , and best practices for countering them. This information-sharing will help prevent new attacks and track down and prosecute those responsible.
Countries should agree on common principles and practices for preventing, detecting and responding to attacks . This will create a unified framework for action and facilitate the exchange of experiences and know-how.
Additionally, enhancing education and awareness about ransomware can help address the problem. Countries can work together to develop educational programs and awareness campaigns for citizens, businesses , and public agencies. This will help increase awareness of the risks of ransomware and the adoption of safe practices.
See also: Boeing: Assessing allegations of breach by LockBit ransomware
Finally, collaboration between governments, the private sector, and international organizations can enhance the effectiveness of the ransomware response. Countries can work with companies and organizations to develop joint solutions and share information.
Source: www.bleepingcomputer.com
