2 min Security

40 countries will no longer pay for ransomware attack

40 countries will no longer pay for ransomware attack

Companies should no longer pay ransomware gangs to secure their sensitive data. This is the opinion of 40 countries that have united in the recently established International Counter Ransomware Initiative, Reuters writes.

The International Counter Ransomware Initiative, set up by the U.S., wants companies to stop paying ransomware gangs. According to the participants, these ransom payments ensure that ransomware attacks remain lucrative and thus will continue to occur.

Exactly which countries are participating in the U.S. initiative have not yet all been revealed. Its announced members include Nigeria, Costa Rica, South Korea and Singapore. The EU and Interpol are also said to be on board.

Response to growth in ransomware attacks

With the creation of the International Counter Ransomware Initiative, the U.S. aims to respond to the sharp growth in the number of ransomware attacks, especially this year. In addition, research shows that the number of crypto payments for ransom from ransomware attacks is rising sharply this year. Most of the attacks are primarily targeting companies in the U.S., prompting its government to take action.

Sharing information and addressing payment flows

According to Reuters, the newly created initiative is going to construct two platforms on which participating countries can share information about the financing of ransomware gangs, such as the accounts they use for payments.

One of these two platforms is being developed by Lithuania and the other by a collaboration between Israel and the United Arab Emirates.

A blacklist of information on digital wallets used for ransomware payments will also be maintained through the U.S. Treasury Department.

Furthermore, AI will be used to analyze the blockchain to identify illicit funds.

Also read: September 2023 is a record ransomware month