Uniting to Counter Ransomware Attacks

Uniting to Counter Ransomware Attacks

On October 1, representatives of 68 nations met in Washington at the fourth International Counter Ransomware Initiative Summit to discuss the increasing frequency of ransomware attacks, and to work out new strategies to counter them.

Ransomware is a form of digital malware that surreptitiously enters a computer system, enabling its implementor, the attacker, to threaten to publish sensitive data or to permanently block access to the computer system, unless a ransom is paid.

“Last year, there were more than 6,600 ransomware incidents in 117 countries – a 73 percent increase from the previous year,” said Richard Verma, the U.S. State Department’s Deputy Secretary for Management and Resources.

“But the impact of ransomware goes beyond the direct and indirect financial cost,” he said.

“What makes ransomware so devastating is the way that it actually affects our everyday lives – crippling the hospitals where we receive care; exposing financial data and other personal information; disrupting municipal services like fire and police departments.”

“In short, ransomware is a global threat to security, to public safety, and to economic prosperity, and it requires a global response,” said Deputy Secretary Verma.

That was the reason behind the formation of the Counter Ransomware Initiative. “Together, our countries are thwarting ransomware attacks and holding accountable those who perpetrate them.”

“This past February, American and British law enforcement disrupted the operations of the so-called LockBit ransomware organization,” said Deputy Secretary Verma.

“In July, the United States, the UK, and South Korea indicted a North Korean whose ransomware operations funded cyber espionage and cybercrime. The FBI also seized more than $100,000 in virtual currency generated from these attacks.”

“Every UN member-state has endorsed the Framework for Responsible State Behavior in Cyberspace, committing to combat cyber criminals in their jurisdictions and to refrain from actions that intentionally impair or damage critical infrastructure,” said Deputy Secretary Verma.

“No nation should offer safe haven to cyber criminals who target schools and hospitals. And when countries like Russia and North Korea violate these commitments with impunity – tolerating or even encouraging and directing ransomware actors – we must all stand up, call them out, and hold them to account.”

“This Counter Ransomware Initiative … reminds us that we are not powerless, we are not alone,” said Richard Verma. “And by continuing to work together, we can advance a digital future that upholds our values and makes life more secure, more prosperous, and more full of opportunity for everyone.”