US, Allies to Discuss Cyberthreats at Upcoming International Summit on Ransomware

The Biden administration has launched the second International Counter Ransomware Initiative Summit, where participants will discuss various cyberthreats and how to prevent them.

According to a senior administration official, the United States will be joined by over 30 countries, including Mexico, Ukraine, the United Kingdom and New Zealand. One of the topics that will be discussed is the effects of ransomware attacks on critical infrastructure and what governments can do to prevent such threats.

The summit comes as countries experience a rise in network infiltration across key institutions, including hospitals and utility companies, Nextgov reported.

Another focus during the summit is cryptocurrency-enabled money laundering, a topic that was also discussed in the first edition of the summit. The U.S. and its allies will discuss ways to prevent digitally enabled illicit financing by targeting crypto wallets and blockchain technology.

Cryptocurrency can be used by ransomware actors to secure payments from victims. They also use crypto wallets to launder money from their illicit activities.

Cybersecurity software providers like Crowdstrike, Microsoft and Palo Alto Systems will also participate in the summit. Company executives will have the opportunity to provide steps on how the government can collaborate with the private sector and how the public sector can prevent cyberattacks.

The International Counter Ransomware Initiative Summit was launched in 2021 as part of President Joe Biden’s efforts to secure digital networks worldwide.