Federal authorities remain in the dark due to slow reporting of ransomware attacks

In a recent development, Sen. Gary Peters, a prominent member of the Senate Homeland Security Committee, has urged for strengthened efforts to combat criminal hackers and disrupt the incentive virtual currencies provide for ransomware attacks.

The Committee's latest report proposes a public-private partnership to conduct research on the ransomware economy and develop effective countermeasures. While the specific name or organizational details of this partnership remain undisclosed, the report recommends establishing new public-private initiatives to investigate the ransomware economy.

The rise of ransomware attacks has been a significant concern in recent years. In 2020 alone, malign actors extorted a staggering $692 million in ransomware payments, a 355% increase over the $152 million extorted in 2019.

The federal government has been actively involved in addressing this issue. Last year, the Department of Justice formed a task force to help coordinate investigations into criminal ransomware. This task force has led to increased cooperation with international law enforcement partners.

Moreover, the Biden administration has taken additional measures to recover ransom payments, shut down the infrastructure of criminal gangs, and shut down crypto transfer companies and money laundering operations.

However, the federal government still lacks comprehensive data on ransomware attacks, making it more difficult to prevent, mitigate, and recover from malicious attacks against critical infrastructure. The Senate report calls for standardizing federal data on ransomware incidents and payments.

The report also highlights that ransomware attacks against critical infrastructure have skyrocketed in recent years. Notable attacks include the May 2021 attack on Colonial Pipeline, which disrupted fuel supplies across the east coast of the United States.

In response to this growing threat, Sen. Gary Peters launched an investigation into the role cryptocurrencies play in ransomware in July 2021. Adam Golodner, co-chair of Trusted Future, supports the report's recommendation for a public-private partnership to conduct research on the ransomware economy.

Golodner believes that each public and private sector sees only part of the ransomware issue, but together they can forge a realistic picture of the landscape and create an actionable plan to reverse the upward trajectory of the ransomware curve.

Recently, Congress passed the Cyber Incident Reporting for Critical Infrastructure Act, requiring critical infrastructure providers to report substantial cyberattacks and ransomware payments to the Cybersecurity and Infrastructure Security Agency (CISA). This move is expected to provide valuable data that can aid in the fight against ransomware attacks.

Federal authorities have also urged the private sector to quickly share information about ransomware attacks. This shared information can help in understanding the tactics, techniques, and procedures used by cybercriminals and developing effective countermeasures.

In conclusion, the Senate Homeland Security Committee's report underscores the urgent need for action against ransomware attacks. The proposed public-private partnership, along with the Cyber Incident Reporting for Critical Infrastructure Act, are significant steps towards a more secure digital future.

Federal authorities remain in the dark due to slow reporting of ransomware attacks