President Joe Biden makes government’s cybersecurity response top priority
Suspected ransomware payments totaled $590 million in the first six months of this year, up from a reported more than $416 million for the whole of 2020, US officials said on Friday, as Washington strengthened the cryptocurrency industry’s handling of ransomware attacks. Was kept on alert about his role. .
The US Treasury Department said the average amount of ransomware transactions reported per month in 2021 was $102.3 million, with Reville/Sodinokibi, Conti, Darkside, Avadon and Phobos being the most prevalent ransomware strains.
President Joe Biden has made the government’s cybersecurity response a top priority for the most senior levels of his administration after a series of attacks this year threatened to destabilize US energy and food supplies.
Seeking to halt the use of cryptocurrencies in payment for ransomware demands, the Treasury called on members of the crypto community to ensure that they are “directly or indirectly” responsible for facilitating deals prohibited by US sanctions. I do not help.
Its new guidance says the virtual currency industry plays an important role in preventing blacklisted people from exploiting virtual currencies to evade sanctions.
“The Treasury is helping to prevent ransomware attacks by making it difficult for criminals to profit from their crimes, but we need partners in the private sector to help stop this illegal activity,” Deputy Treasury Secretary Wally Ademo said in a statement. needed.”
The new guidance also advised virtual currency exchanges to use geolocation tools to block access from countries under US sanctions. Hackers use ransomware to destroy systems that control everything from hospital billing to manufacturing. They stop only after receiving a huge payment, usually in cryptocurrencies.
This year, the gang has extensively hacked several US companies. One such attack on pipeline operator Colonial Pipeline caused temporary fuel supply shortages on the US East Coast.
The hackers also targeted an Iowa-based agriculture company, raising fears of disruption to grain harvesting in the Midwest.
The Biden administration last month unveiled sanctions against cryptocurrency exchange Suex OTC, SRO, over its alleged role in enabling illicit payments from ransomware attacks, officials said, in the Treasury’s first against the virtual currency exchange over ransomware activity. in such a step
.