• About
  • Advertise
  • Careers
  • Write for us
  • Contact
  • Terms of service
Saturday, June 25, 2022
The Millennial Source
TMS
Home WORLD

The White House is being urged to crack down on criminals engaging in ransomware and demanding to be paid in cryptocurrency

byCaleb Moll
May 6, 2021
in WORLD
The White House is being urged to crack down on criminals engaging in ransomware and demanding to be paid in cryptocurrency

Source: Kacper Pempel, Reuters

Share on FacebookShare on TwitterShare on Linkedin
A recent report by cybersecurity experts, law enforcement agencies and governments urges the White House to take action against criminals engaging in ransomware.

What is ransomware?

  • Ransomware is a continuously growing form of malware – software that accesses a computer or device without permission – designed to encrypt files on a device.
  • The files are unusable when encrypted and the hackers then demand ransom in exchange for the key to decrypt the files. 
  • Ransomware hackers often steal valuable or sensitive information they threaten to leak/release unless the owners of the information agree to pay the hackers. 
  • Think of it like kidnapping a company’s top-secret information and locking it behind an unbreakable vault. The kidnappers will only give the key to the unbreakable vault if they are given money. 
  • In recent years, ransomware incidents have occurred far more frequently to government entities, financial institutions and large corporations.

What are experts saying?

  • In a recent report by cybersecurity experts, law enforcement agencies and governments, the White House is being urged to take action against criminals engaging in ransomware.
  • The task force also encouraged the Biden administration to crack down on cryptocurrency exchanges – a marketplace to buy and sell crypto – in order to combat criminals from extorting victims through a decentralized network. 
  • These are just two of 48 recommendations made by the task force in last week’s report to the Biden administration to counteract the growing ransomware attacks.
  • Organized by the Institute for Security and Technology (IST), the task force’s report said the cyberattacks have become a US$350 million criminal industry, which is four times higher than last year.
  • Ransomware “has disproportionately impacted the health care industry during the COVID pandemic, and has shut down schools, hospitals, police stations, city governments, and U.S. military facilities,” according to the report by IST.

How does cryptocurrency play into this?

  • The report by the task force also looks at methods to regulate and control the most important part of the ransomware business: cryptocurrencies. 
  • These payments between hackers and their victims occur in the largely unregulated realm of digital currency, which is harder for experts to track in hopes of identifying the criminals. 
  • The task force calls for governments to require cryptocurrency exchanges and trading desks to enforce basic “know your customer,” anti-money laundering and financial terrorism laws which have been heavily regulated in the European Union. 
  • Recent reports from the cybersecurity company Palo Alto Networks published the numbers for ransomware attacks showing that the largest ransomware demand now stands at US$30 million. 
  • On top of that, the typical ransom paid in exchange to unlock encrypted networks rose from US$115,123 in 2019 to US$312,493 in 2020, which is largely traded in cryptocurrency.

What actions are being taken by the government?

  • Last week, the United States Justice Department also created a new task force dedicated to rooting out and responding to the growing threat of ransomware.
  • According to Security Secretary Alejandro Mayorkas, the US Department of Homeland Security has also assembled a task force with representatives from the Cybersecurity and Infrastructure Security Agency, the Secret Service, the Coast Guard and the Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations unit.
  • The new task force is part of the secretary’s planned “60-day sprint” on ransomware that was announced in March.
  • “Beyond CISA … the entire federal government is stepping up to face this challenge,” Mayorkas said while highlighting the goals of the joint task force. “The White House is developing a plan dedicated to tackling this problem.”

Have a tip or story? Get in touch with our reporters at [email protected]

Like TMS? Subscribe to our free daily newsletter

Related

Tags: BusinessLonger readNorth America
ShareTweetShare

Latest Posts

Australia mining

Western Australia’s mining industry probe uncovers numerous cases of sexual abuses

June 24, 2022
Juul banned

The US orders Juul vapes off the market. Here’s what you need to know

June 24, 2022
US gun legislation

US Senate agrees to fast-track new gun law

June 23, 2022

The fourth day of the January 6 hearings show Trump’s pressure campaign on election officials

June 22, 2022

What did Elon Musk say at the Qatar Economic Forum?

June 22, 2022

Forever 21 gives China another go with a new store opening this month

June 16, 2022

Following better-than-expected economic data, China stocks rally

June 16, 2022

Senator Ron Wyden proposes a tax increase on price-gouging oil companies

June 15, 2022

A new chapter for McDonald’s in Russia

June 13, 2022

SUBSCRIBE TO THE TMS NEWSLETTER

By providing your email, you agree to our Privacy Policy

The Millennial Source Ltd. 2021

No Result
View All Result
  • Your daily briefing
  • About us
  • Explore
    • Startups
    • Climate change
    • Tech giants
    • Crypto
    • The future of work
    • Banking giants
    • Economy
  • Lifestyle
  • Human stories
  • TMS archives
  • Write for us
  • Contact
  • Privacy Policy & Terms

2022 The Millennial Source Ltd.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

string(24) "jsonld single post debug"
The Millennial Source
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.