Dozens of Countries Will Pledge to Stop Paying Ransomware Gangs

Cyber Security Threat Summary:
As part of the upcoming third annual meeting of the International Counter-Ransomware Initiative, the Biden administration and dozens of its foreign allies will pledge to stop paying ransomware gangs. Representatives from 48 countries, the European Union, and Interpol are expected to attend this week’s summit, which will focus on strategies to block funds used by ransomware gangs to fuel their operations. Although not all countries have confirmed that they will sign this week’s anti-ransomware statement, the joint summit will aim to combat the ongoing threat of ransomware in the cyber landscape.

Security Officer Comments:
Over the last two years, critical infrastructure and government entities have continued to be the target of ransomware attacks. What’s worrying is that many organizations are being forced into paying a ransom, with groups like Clop bringing in an estimated 75+ million dollars from a single campaign earlier this year, after the ransomware actors discovered a zero-day in the MOVEit file transfer application. With many countries now pledging to stop paying ransomware gangs in the upcoming summit, they hope to block any potential funds directed to these actors as a way to disrupt ransomware operations.