The Biden administration has announced that it is calling a meeting that will include representatives from 30 different nations in an attempt to drum up support for a global crackdown on ransomware. Ransomware is a type of cyber attack where data and files on a computer or server system are stolen and encrypted. If the victim doesn’t pay a ransom, the data is deleted or leaked to the public.
In recent months some very large and high-profile ransoms have been paid out by corporations. A Biden administration spokesperson recently said cyber threats affect the lives and livelihoods of American families and businesses. The Biden administration wants to build on its effort to deter and disrupt cyber attacks by bringing in outside nations to help combat the threat.
The goal of the 30 nation alliance is to accelerate and improve cooperation between nations in fighting cybercrimes and improve collaboration with law enforcement around the globe. The coalition also wants to slow the illicit use of cryptocurrency and diplomatically engage on various cybercrime issues. Due to the global pandemic, the first meeting of the coalition will be digital.
One main goal is to cut off revenue for ransomware groups and create ways to prosecute criminals behind the rings. Biden has called for the partnership of every American and every American company in the effort to fight cybercrime. The Biden administration has called on nations, particularly Russia, to crack down on cybercriminals operating within their borders.
However, Washington remains skeptical that Russia is willing to crack down on criminals. As a result, lawmakers in the US have been looking for methods of cracking down on criminals that operate within Russia without the cooperation of the Russian government. One of those methods is sanctions on cryptocurrency exchanges the US believes are conducting business with hackers behind eight different major ransomware attacks.