Joe Biden Wants To Gather 30 Country Leaders To Fight Ransomware Together

JAKARTA - The US national security adviser will convene officials from 30 countries this month with plans to combat the growing threat of ransomware and other cybercrimes. This was confirmed by US President, Joe Biden, on Friday, September 1.

“Online sessions hosted by the White House National Security Council will also be aimed at “enhancing law enforcement collaboration” on issues such as “illegal use of cryptocurrencies,” Biden said in a statement.

The Biden administration has stepped up its response to cybersecurity to the most senior level of government following a series of attacks this year that have threatened to disrupt US food and energy supplies.

Meat producer JBS SA had to pay $11 million to end an attack on its system that halted production and is believed to have come from a criminal group with ties to Russia.

Colonial Pipeline also paid a hacking gang believed to be based in Eastern Europe nearly $5 million to regain access, some of which was later revoked by US law enforcement. Both companies pay the ransom in bitcoin.

The ransom software works by encrypting the victim's data. Usually, hackers will offer keys to victims in exchange for cryptocurrency payments that can run into hundreds of thousands or even millions of dollars.

The Biden administration hopes that their new informal group, which they call the Counter-Ransomware Initiative, will step up their diplomatic push that includes direct talks with Russia as well as the NATO alliance and the Group of Seven (G7) rich nations.

The government is increasingly focused on blocking what it calls China's "dangerous cyber activity," a charge Beijing denies.

It was not immediately clear which countries would participate or exactly when the meeting would take place.

A White House official said they were eager to tackle "the abuse of virtual currencies to launder ransom payments" and intend to "investigate and prosecute ransomware criminals," many of whom are anonymous and attack institutions in other countries.