Expanded Agreement Covers Cyberattacks Similar to MGM and Caesars Incidents
In the wake of cyberattacks on MGM Resorts, Caesars Entertainment, and other major companies, nations have joined forces in a unified front against ransomware criminals, reports Reuters. The USA-led International Counter Ransomware Initiative (CRI) aims to dismantle the financial infrastructure of these cybercriminals, thwarting their operations.
The CRI, formed in 2021, is made up of 40 members including Australia, Brazil, Canada, Israel, Japan, the European Union, the UK, and the United States, who have united in their determination to resist ransom payments to cybercriminals, emphasizing the pivotal role of data sharing in this effort.
Globally, there has been a significant increase in ransomware attacks, with the U.S. accounting for about 46% of them on average. Notable attacks include those on MGM, Caesars, and even Clorox. The CRI believes it can intervene and stop most of these attacks once the system is in place.
To combat ransomware attacks from their very source, the CRI coalition plans to create a joint blacklist using data supplied by the U.S. Treasury. This blacklist will contain information about digital wallets used for ransom payments connected to ransomware attacks.
White House officials have indicated that the strategy will make use of cutting-edge technologies such as artificial intelligence and blockchain to track and identify illicit funds. While the original aspect of blockchain technology was rooted in anonymity, nowadays, cryptocurrency wallet sources can be identified through digital forensics.
The CRI also plans to launch two new information channels – one from Lithuania and the other from a collaboration between Israel and the United Arab Emirates. These channels will help global data sharing between CRI members, enabling them to keep one step ahead of cybercriminals.
The CRI does not seek to prevent private companies from making ransom payments, but hopes to provide them with confidence that refusal to pay won't lead to operational disruptions.
Further details of how the CRI operates are yet to be disclosed. It has yet to be made clear how the two new channels will operate or what will happen if a member nation disobeys the rules.
Cyberattacks have continued to increase with over 493.33 million incidents reported worldwide in the last year, as per Statista statistics. These hackers often exploit data from one country to target organizations in other countries, underscoring the necessity of international collaboration in resisting these threats.
In the past three years, the onslaught of cybercrime has been driven by the COVID-19 pandemic, North Korea's efforts to circumvent sanctions, and Russia's invasion of Ukraine. This alliance has transformed cyberspace into a war zone, underlining the importance of international cooperation in addressing these threats.
Apart from these large-scale attacks, major institutions such as the British National Health Service, Apple, and several governments have experienced disruptive cyberattacks. Last week, Stanford University revealed it was investigating a "cybersecurity incident" marking the third such occurrence this year. On Tuesday, Ace Hardware also admitted it had fallen victim to an attack.
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Source: www.casino.org
