Ransomware conference highlights: Commitments to disrupt hiding spots, criminal money laundering channels

In a significant move to address the growing issue of ransomware attacks, the Biden administration recently concluded a 30-nation virtual summit. Participating ministers and national representatives outlined collaborative efforts to tackle this cyber menace.

The summit, which has been high on the agenda with the Russian Federation, comes after a series of high-profile attacks, including the Colonial Pipeline and JBS USA incidents. President Joe Biden personally confronted Russian President Vladimir Putin over these incidents, emphasising the need for action.

State Department officials have been in direct engagement with their Russian counterparts this week on a variety of issues, including ransomware. The State Department would not go into details about what specifically has been discussed, but some progress is being made to get Russian cooperation. However, U.S. officials are waiting to see more concrete follow-up activities.

The meetings may further isolate ransomware havens like Russia and to a lesser extent China. The joint call to action from the summit aims to gather worldwide support to combat malicious cyber activity and the illicit use of cryptocurrency.

Jamil Jaffer, SVP at IronNet and founder and executive director of the National Security Institute at George Mason University, expressed that getting non-traditional participants like India, Romania, and Ukraine, lined up as partners in the anti-ransomware fight is a good first step. He also emphasised the need for concrete steps on the commitments made at the summit, as well as a renewed effort to bring together U.S. and allied companies, industries, and governments in a collective defense framework.

Addressing cyber issues, including ransomware criminals, has been a consistent priority. Countries participating in the summit promised to collaborate on intelligence sharing, investigation and prosecution of criminal ransomware gangs, tracing and disruption of illegal funds transfer and money laundering, and diplomatic efforts to root out safe havens for such criminals.

Some experts are calling for more robust, open, and direct countermeasures to deter rogue nation states from using cybercriminals as geopolitical proxies. The Biden administration enacted sanctions against Russia in April in response to the SolarWinds campaign, Russian interference in the 2020 election, and other geopolitical disputes.

Recent attacks on the U.S. agricultural and food supply business have been linked to the BlackMatter organization, which is said to have strong ties to the DarkSide organization. The proliferation of ransomware linked to Russia-backed threat actors has allowed the Kremlin the ability to indirectly target key U.S. industries.

The growing need for international cooperation in cybersecurity is highlighted by the recent arrests of 1,209 cybercriminals across 18 African countries. However, there is no specific information available about countries that have recently cooperated with the United States to form a joint defense against destructive attacks like ransomware over the past few weeks.

Under Secretary [Victoria] Nuland's discussions with Russian counterparts this week centered on the staffing of U.S. missions in Russia and addressed a broad range of bilateral issues. Steve Turner, analyst of security and risk at Forrester, stated that collaboration and cooperation are key to defending against destructive threats such as ransomware.

In conclusion, the international summit on ransomware marks a significant step forward in the fight against cybercrime. The collaboration and cooperation between nations are crucial in combating this global threat and ensuring the safety and security of critical infrastructure.

Ransomware conference highlights: Commitments to disrupt hiding spots, criminal money laundering channels