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Ransomware is out of control, to say the least. While there is no magic wand to eradicating it, the White House is taking a swing at it.
Deputy national security advisor for cyber and emerging technologies Anne Neuberger says that the Biden administration will host officials from 50 countries for its International Counter Ransomware Initiative next week. While things are still in flux, they plan to unveil a number of initiatives.
The White House is expected to urge those governments to pledge not to pay ransoms to criminals.
Israel is expected to announce an information sharing platform for governments to quickly share information among themselves to attempt to slow down the spread of ransomware. It also appears that the United Arab Emirates will also create an information sharing platform.
Another goal is to make crypto transactions more like other financial transactions. North Korea pretty much funds the country using stolen crypto, so unless you are a fan of North Korea …. The tin foil hat crowd wants to keep the government out of its wallet and, while I sympathize with that, the overwhelming use for crypto is for fraud and crime.
It appears that Treasury will begin sharing wallet IDs tied to crime with other countries so that they can block and track those transactions as well.
We will know a lot more by the end of next week and we will update you when we know more.
This administration is doing more about cyber security and crime than any other administration ever. Are they perfect? Far from it. But, not doing anything doesn’t work either. Credit: The Record