Alliance of 40 Countries Commits to Not Paying Ransoms to Cybercriminals, US Reports

By Zeba Siddiqui

In a significant move, an alliance of forty countries led by the United States is set to sign a pledge committing to never pay ransom to cybercriminals. The goal is to disrupt the funding mechanisms that enable these hackers, as revealed by a senior White House official.

This initiative, known as the International Counter Ransomware Initiative, addresses the growing global threat of ransomware attacks. According to Anne Neuberger, the U.S. deputy national security adviser for cyber and emerging technologies, the United States currently faces the highest incidence of these attacks, accounting for 46% of the total worldwide.

Neuberger emphasized that "As long as there is money flowing to ransomware criminals, this is a problem that will continue to grow."

Ransomware attacks involve hackers encrypting an organization’s systems and demanding payments to unlock them, often accompanied by the theft of sensitive data, which they may use to further extort victims or leak online if the ransom is not paid.

While many organizations fall prey to these attacks each year, recent high-profile cases include incidents involving MGM Resorts and Clorox, both of which are still grappling with the ramifications of such disruptions.

To combat this issue, the alliance will work toward dismantling the financial aspects of these crimes by enhancing information sharing regarding ransom payment accounts. Neuberger mentioned that two platforms for information sharing will be launched, one spearheaded by Lithuania and another in collaboration between Israel and the UAE.

Participating countries will exchange a "black list" through the U.S. Department of Treasury, which will detail digital wallets utilized to facilitate ransomware payments. Furthermore, the initiative will leverage artificial intelligence to analyze blockchain transactions to identify illicit funds.

Recent data from blockchain analytics firm Chainalysis indicated that payments made in cryptocurrency to ransomware attackers are on track to reach their second-highest annual total on record.