In recent years, hackers have repeatedly requested crypto as their primary currency for ransomware payments.
Earlier this week, The White House's second International Counter Ransomware Initiative summit which included 36 nations led by the US agreed to improve ransomware prevention measures, specifically regarding the use of cryptocurrencies to finance ransomware operations.
The summit was far more explicit on digital tokens than it was during its inaugural outing last year, as concerns continue to rise over the ease with which hackers are able to access the digital tokens.
One of the primary issues identified by the Counter Ransomware Initiative (CRI) was the laundering of cryptocurrency.
To counter money laundering and the financing of terrorism, the CRI group said its anti-crypto work will focus on sharing information regarding nefarious crypto wallets across agencies worldwide, run workshops to enhance blockchain tracing, and implement identity authentication for crypto transactions.
As a result of the summit, a number of nations agreed to the establishment of an International Counter Ransomware Task Force (ICRTF) that will initially be chaired by Australia and work "to coordinate resilience, disruption, and counter illicit finance activities."
The Lithuanian Regional Cyber Defense Center (RCDC) will also begin playing host to a new "fusion cell" that will be utilized as a test case for a more extensive information-sharing program.
Meanwhile, over the next year, the CRI will design a roadmap for the identification of primary targets and warn multiple law enforcement agencies, put together a toolkit for other organizations to use for the investigation of ransomware attacks, and design channels between private and public bodies to share ransomware information.
Ransomware is becoming an increasingly popular modus operandi employed by cybercriminals to extort unwitting victims. According to data reported by banks to the U.S. Treasury Department, U.S. financial entities observed approximately $1.2 billion in costs associated with ransomware attacks in 2021, a nearly 200 percent surge compared to 2020.
“We may approach the challenge of ransomware with a different lens — and in some cases, an entirely different set of tools — but we are all here because we know that ransomware remains a critical threat to victims across the globe and continues to be profitable for bad actors,” Deputy Secretary of the Treasury Wally Adeyemo stated.
“In fact, we know that hackers around the world consider conducting ransomware attacks the most profitable scheme on the internet. More profitable even than selling illegal drugs via dark net markets and stealing and selling stolen credit cards.”