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Ransomware: 40 countries make commitment to no longer pay ransoms

Alliance led by United States and supported by European Union seeks to dry up funding for cybercriminal groups.

Cyber risks - November 04, 2023

On October 31, 2023, a 40-country alliance, led by the United States and named International Counter Ransomware, committed to no longer pay ransoms demanded by cybercriminals. Created in early 2023, the task force aims to coordinate the global effort against the ransomware network. In addition to the US, it brings together European Union countries, Brazil, Canada, Columbia, the United Arab Emirates, Israel, Japan and Nigeria.

As long as there is funding for criminals who use ransomware, the problem will only get worse,” points out Anne Neuberger, Deputy National Security Advisor for Cyber and Emerging Technology in the Biden administration. The United States is on the frontlines since it accounts for almost half of the world’s ransomware attacks.

Beyond refusing to pay ransoms, members of the International Counter Ransomware are now committed to sharing cybercriminals’ payment information. Two platforms dedicated to these exchanges should come into existence: one directed by the United Arab Emirates and Israel, the other by Lithuania.

The alliance will draw up a “blacklist” of suspicious digital wallets. It should also make it possible to roll out AI-based technology to analyze blockchain and identify criminal funds.

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