Global commitment to combat ransomware: Fifty countries make a global pledge

A coalition of nearly fifty countries is set to formally commit to no longer paying ransoms in response to ransomware attacks, as part of the International Counter Ransomware Initiative.
Ransomware concept - Computer Keyboard with red RANSOMWARE. Hacked virus hijacked cyber attack

Initiated by US President Joe Biden in 2021, this year’s gathering of the ransomware initiative will primarily focus on enhancing information sharing, particularly in incorporating AI and blockchain analysis to combat ransomware. Additionally, a new information sharing platform will be established for member countries. Notably, a policy statement will be issued for the first time, declaring that member nations will refrain from making ransom payments. The policy statement will be endorsed by 48 countries, the EU, and Interpol.

In an effort to establish a global norm against paying ransoms to ransomware operators, the initiative will seek methods to hold nations accountable for their involvement in supporting or tolerating ransomware activities. Additionally, member countries will collaborate to share information and take action against ransomware operations within their jurisdictions.

An anonymous senior administration official explained, ‘We aim to address the root cause of ransomware, which is its financial support, and tackle it collectively. This has been a significant effort, and we are in the final stages of securing the signatures of every member, which is an exciting development.’ Persuading member nations to agree to this statement has been a challenging endeavour, the anonymous senior administration official claimed.

The initiative also intends to disseminate a list of blacklisted cryptocurrency wallets associated with ransomware activities.

Why does it matter?

Determining the precise number of ransomware attacks is problematic, as it often relies on ransomware groups voluntarily disclosing their victims or victims publicly sharing information about their attacks. Nevertheless, publicly reported data indicates that ransomware attacks have reached an all-time high, increasing by more than 150% year-on-year, according to a recent report from the U.K.-based NCC Group.

While the US government has long discouraged paying ransoms in response to ransomware attacks, the prohibition of such payments remains a contentious move. Some law enforcement officials have even voiced their concerns against banning ransom payments.