International Counter Ransomware Task Force To Fight Ransomware Attacks

The International Counter Ransomware Initiative (CRI) Summit has decided to establish an International Counter Ransomware Task Force (ICRTF) to develop cross-sectoral tools and cyber threat intelligence exchange to increase early warning capabilities and prevent attacks, as well as consolidate policy and best practice frameworks.

Australia will co-ordinate the Task Force’s activities.

CRI members have committed to take action, in line with national law and policy, to disrupt and degrade the ransomware ecosystem and hold accountable criminal ransomware actors based on their collective knowledge, expertise, authorities, and capabilities.

It has been agreed at the summit to create a fusion cell at the Regional Cyber Defense Centre (RCDC) in Kaunas, led by Lithuania, to test a scaled version of the ICRTF and operationalize ransomware related threat information sharing commitments. The RCDC will publish semiannual public reports on ransomware trends and mitigation measures.

The member states will share information about cryptocurrency “wallets” used for laundering extorted funds and the development and implementation of the international anti-money laundering/combating the financing of terrorism (AML/CFT)standards for cryptocurrency and related service providers. This will include “know your customer” rules to mitigate their misuse by cyber criminals.

The White House brought together 36 countries, and the EU, for the Second International Counter Ransomware Initiative Summit. Throughout the Summit, CRI and private sector partners discussed and developed concrete, cooperative actions to counter the spread and impact of ransomware around the globe.

CRI partners will hold a second counter-illicit finance ransomware workshop.

Decisive steps will be taken to counter illicit finance that often enables and underpins the profitability of ransomware. Mechanisms will be established for notifying financial institutions and virtual asset platforms of ransomware payments so that funds can potentially be seized once they land in ransomware actors’ accounts.

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