![]() 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.Read more of this story at Slashdot. ![]() 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. 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. critical infrastructure, disrupting the East Coast(TM)s largest gas pipeline in May and a major meat processor in June. Hacking groups have increasingly targeted U.S. ![]() oeWe are dedicated to enhancing our efforts to disrupt the ransomware business model and associated money-laundering activities, the representatives said in a joint statement Thursday. 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. 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. As with other cyber threats, the threat of ransomware is complex and global in nature and requires a shared response. Mike Mayo, senior banking analyst for Wells Fargo Securities, says there should be fewer banks in the US. 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. ![]()
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