US President plans to hold 30-nation meet to tackle ransomware attacks, cyber crime: WH

United States’ top national security advisers plan to convene a virtual meeting with leading global executives and officials from at least 30 countries to tackle growing threat of ransomware and or cybercrime posed by extortionist hackers, White House said in an official statement on October 1.

"President Biden will bring toger 30 countries at a 'Counter-Ransomware Initiative' to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming illicit use of cryptocurrency, and engaging on se issues," ncies, citing a White House statement, reported on October 1.  White House also informed that Biden-administration "will be marshalling a whole-of-nation effort to confront cyber threats." 

Ransomware can pose a hefty danger to global cybersecurity as it "scrambles target organisation’s data with encryption. criminals leave instructions on infected computers for negotiating ransom payments. Once paid, y provide decryption keys for unlocking those files," Associated Press explains.  It furr elaborates that before triggering encryption, hackers "quietly copy sensitive files and threaten to post m publicly unless y get ir ransom payments." 

'US under ever-increasing threat from malicious cyber hackers': President Biden

In his opening statement at White House, marking October as 2021 Cybersecurity Awareness Month, US President Joe Biden said that America was w under a "constant and ever-increasing threat from malicious cyber hackers and criminals," as he reminded about series of ransomware attacks on US fuel pipelines, food suppliers, hospitals, schools, police departments and businesses that posed major cybersecurity risk. Cybersecurity Awareness Month has elevated central role that cybersecurity plays in our national security and ecomy, he stressed. 

Biden said that in order to combat cybercrime risks and protect national internet-connected devices, techlogy, and networks from security threats, he would like to urge all Americans to act responsibly and protect ir sensitive data by embracing this year’s me:  “Do Your Part.  Be Cyber Smart,” he said. President Biden n stressed that his administration was going to boost cooperation with international community to “elevate profile of cybersecurity as a matter of global security interest.” This will include  illegal use of cryptocurrency.

It is to be ted that two major US companies, Colonial Pipeline and JBS meat manufacturer that was hit by a ransomware attack allegedly by Russian hackers paid ransoms in cryptocurrency Bitcoin ($ 11 million and $5 million respectively) which was later retrieved by FBI and law enforcement ncies. Biden administration had n launched a dedicated website www.StopRansomeware.gov to curb ransomware attacks on private and government public servers. US President also held a meeting with  country’s top tech executives, including Apple's Tim Cook, to encour m to make billions of dollars worth of investments to embolden cybersecurity. 

Global cybersecurity umbrella under US' Counter-Ransomware Initiative

A meeting of world’s top officials, a group that US labelled as Counter-Ransomware Initiative, will be presided by United States National Security Council to bolster defences against a range of cybersecurity issues, including "improving law enforcement collaboration”. This would also imply direct talks with Russia as well as NATO alliance and Group of Seven (G7) nations, according to ncies' reports. It was, however, t immediately revealed which countries of world would participate in United States’ global meeting for cybersecurity under Counter-Ransomware Initiative.

US also launched a 100‑day initiative to improve cybersecurity across electric sector, prompting more than 150 utilities that serve 90 million to deploy cybersecurity techlogy, which, Biden said his administration was w preparing to execute to gas pipelines sector.

US President had, earlier this year, also signed executive order to modernise and improve security of techlogical assets, including software security, information sharing, and federal networks. Last year, ransomware gangs hit more than 100 federal, state, and municipal ncies, urds of 500 health care centres, 1,680 educational institutions, and thousands of businesses, according to cybersecurity firm Emsisoft. 

"This Executive Order makes a significant contribution toward modernising cybersecurity defences by protecting federal networks, improving information-sharing between U.S. government and private sector on cyber issues, and strengning United States’ ability to respond to incidents when y occur," President Biden had said at a presser.