Governance

The 48 Members Of The CRI To Pledge To Stop Ransom Payments

The third annual International Counter-Ransomware Initiative summit came with a promise to curb ransomware. It awaits members to pledge to stop ransom payments.

by Vishwa Pandagle November 1, 2023 in Firewall Daily, Governance Reading Time: 3 mins read 0

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With a vision to stop ransom payments, the third annual International Counter-Ransomware Initiative (CRI) summit witnessed some members pledging to deny paying a ransom to cybercriminals. The joint pledge to stop ransom payments awaits consensus from all 48 CRI members.

However, the first such pledge of no-ransom payments looks to have all participating governments sign the same.

Pledge to Stop Ransom Payments at the CRI

Anne Neuberger, Deputy National Security Adviser for Cyber and Emerging Tech spoke to reporters in a briefing regarding the pledge to stop ransom payments. She said, “This was a really big lift, and we're in the final throes of getting every last member to sign.”

Neuberger expressed concerns over the nature of ransomware attacks which despite fetching a ransom does not guarantee the privacy of data or its safe return.

The pledge specifically urged the 48 CRI members of the participating governments, their agencies, and departments to deny ransom payments.

The pledge of no ransom payments will be finalized as part of this week's annual meeting. So far, the European Union and Interpol have been known to be signing the joint policy statement, Neuberger stated.

Three Themes: International Counter Ransomware Initiative Summit 2023

The ongoing summit of the US-led coalition involving 48 CRI member governments from across the globe including the European Union and Interpol focuses on three main themes. This includes working on launching capabilities as stated by Neuberger.

This theme will see them work towards creating projects for artificial intelligence with respect to the blockchain and how fraudulent transactions are made to fund ransomware attacks.

Addressing the concerns of ransomware funding, Neuberger said, “And as long as there's money flowing through ransomware criminals, this is a problem that will continue to grow.”

A shared denylist with details about digital wallets involved in ransomware payments will be investigated to curb the flow of funds.

The second theme of the CRI summit is about the sharing of information through dedicated platforms. This is especially to help the global network of countries in exchanging threat indicators around ransomware attacks.

“If one country is attacked, others can quickly defend against that attack” Neuberger stated highlighting the impact of joint efforts.

The third theme of the CRI summit, 2023 would focus on fighting back. This includes the Pledge to stop ransom payments. This pledge of no ransom payment will see the first of its kind, joint Counter Ransomware Initiative policy statement which is yet to be signed by all government members of the CRI summit.

Ransomware is on the rise with the US being among the prime targets of cybercriminals. This pledge to stop ransom payments may bring down ransomware attacks which have grown way beyond the number of incidents reported in 2022.

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