A task force convened by the Institute for Security and Technology has issued a call to action for the White House to address the escalating threat of ransomware attacks and to implement measures to prevent cybercrimes.
Comprised of law enforcement agencies, cybersecurity experts, and government officials, the task force presented a set of 48 recommendations to the Biden administration aimed at disrupting the illicit activities of threat actors operating in the digital realm.
The task force’s report highlighted the alarming statistic that cyber-attacks have quadrupled year on year, resulting in a criminal industry valued at $350 million. Drawing insights from consultations with researchers at Chainalysis Inc, cybersecurity experts at Palo Alto Networks Inc, and law enforcement agencies in Canada, the United Kingdom, and the United States, the report underscored the urgent need for coordinated action to combat cybercrime.
Of the recommendations put forth in the report, five were identified as “foundational and urgent,” with a particular emphasis on leveraging legal and diplomatic channels to dissuade nations from harboring cyber-criminals who engage in ransomware attacks.
The task force emphasized the prevalence of cryptocurrencies as the preferred method of payment for ransomware attacks due to their unregulated nature and the challenges associated with tracking transactions. As such, the report called for enhanced regulation of cryptocurrencies, urging governments to mandate that crypto exchanges and trading desks adhere to basic anti-money laundering and financial terrorism laws.
Don Spies, director of market development at Chainalysis, expressed confidence in the effectiveness of the recommendations, stating that they have the potential to significantly mitigate the rampant issue of ransomware attacks.
This report comes on the heels of the establishment of an independent task force by the United States Justice Department specifically dedicated to addressing the threat of ransomware attacks, underscoring the growing recognition of the need for concerted efforts to combat cybercrime at the highest levels of government.