US to Establish International Collaboration to Block Ransomware Payments

The White House is finalizing a policy statement reflecting a unified commitment among partner countries to combating ransomware attacks. 

Anne Neuberger, the White House deputy national security adviser for cyber and emerging technologies, said nearly 50 countries are expected to join the Counter-Ransomware Initiative, with their support to be formalized by signing the policy statement in an annual meeting to be held in the coming days.

Countries participating in the initiative will receive information from the Department of the Treasury about digital wallets commonly used for transmitting ransomware payments to criminally linked organizations, Defense One reported.

With such data, member countries can freeze suspicious transactions and prevent ransomware actors from receiving cybercrime proceeds. 

The United States will also provide its allies with support in addressing a cyber incident impacting transportation, water, energy and communications, among other critical sectors.

According to Neuberger, the ransomware problem will persist if the criminals continue to benefit from their actions.