40 Countries Pledge to Combat Ransomware and Disrupt Cybercriminal Funding Through AI-Driven Blockchain Analysis
A U.S.-led alliance comprising forty countries has committed to signing a pledge that they will never pay ransom to cybercriminals.
The initiative, known as the International Counter Ransomware Initiative, is intended to eliminate the funding mechanism for hackers, Reuters reported, citing a senior White House official.
The move comes as the number of ransomware attacks continues to grow globally, with the United States being the hardest hit, accounting for 46% of such attacks.
Anne Neuberger, U.S. Deputy National Security Adviser in the Biden administration for cyber and emerging technologies, highlighted the significance of addressing the financial aspect of ransomware attacks.
She emphasized that as long as money continues to flow to these criminals, the problem will persist and escalate.
Ransomware attacks involve hackers encrypting an organization’s systems and demanding ransom payments in exchange for unlocking them.
Often, the attackers also steal sensitive data, using it as leverage to extort victims and threaten to leak the information online if payments are not made.
The new initiative aims to disrupt the funding mechanisms of cybercriminals through enhanced information sharing about ransom payment accounts.
Lithuania plans to establish one of the information-sharing platforms, while Israel and the United Arab Emirates will jointly create another.
Partner countries will collaborate by sharing a “black list” via the U.S. Department of Treasury, which would contain information about digital wallets used for ransomware payments.
Notably, artificial intelligence (AI) will also play a pivotal role in this endeavor.
The alliance intends to utilize AI-driven blockchain analysis to identify illicit funds.
By leveraging the power
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