Ransomware Summit Eyes Tighter Global Scrutiny for Crypto

Officials from 32 countries "recognize that ransomware is an escalating global security threat with serious economic and security consequences," according to a statement issued Thursday: From malign operations against local health providers that endanger patient care, to those directed at businesses that limit their ability to provide fuel, groceries, or other goods to the public, ransomware poses a significant risk to critical infrastructure, essential services, public safety, consumer protection and privacy, and economic prosperity. As with other cyber threats, the threat of ransomware is complex and global in nature and requires a shared response. But the Wall Street Journal also reports the officials (who met virtually this week) blame another factor in the boom of ransomware: "uneven cryptocurrency standards." The representatives pledged to share information about cyberattacks and investigations, push firms to shore up security, and disrupt the financial infrastructure of a criminal hacking economy that has flourished in recent years. Consistent international scrutiny of cryptocurrencies will be key, the officials said, as ransomware groups that extort victims for digital payments can quickly transfer the funds to countries with lax standards for monitoring illicit transactions. âoeWe are dedicated to enhancing our efforts to disrupt the ransomware business model and associated money-laundering activities,â the representatives said in a joint statement Thursday... Hacking groups have increasingly targeted U.S. critical infrastructure, disrupting the East Coastâ(TM)s largest gas pipeline in May and a major meat processor in June. Law-enforcement officials are sometimes able to track crypto payments made by such victims, which can reach into the millions, across a public ledger known as a blockchain. The Counter-Ransomware Initiative convened by the White House this week called on countries to use such techniques alongside more aggressive enforcement of anti-money-laundering and know-your-customer rules that prevent cryptocurrency companies from facilitating such transactions... Cybersecurity experts say international collaboration will be key to slowing criminal groups that often operate across borders and with relative impunity in countries such as Russia.

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