U.S. Look Into Cryptocurrency in Ransomware Hacks. WSJ Pro’s David Uberti and James Rundle report that cryptocurrency exchanges abroad require international cooperation and pressure. So it is better to trace ransomware payments. Therefore, the Biden administration is examining cryptocurrency’s role in recent hacks. It is really important to detect the hacks that have disrupted major U.S. industries including healthcare, fuel and food, exploring new ways to track victims’ payouts to foreign ransomware gangs. Moreover, the hacks caused meat processor JBS SA to pause production at U.S. and Australian plants. Ransomware specialists want some restrictions on bitcoin payments or tighter regulations will slow the growth in ransomware and them in some way or the other.
Cryptocurrency in Ransomware Hacks: specialists
Anne Neuberger, Deputy National Security Adviser said U.S. officials are working with international partners. They will effectively work on consistent policies for when to pay ransoms and how to trace them. Lior Div, chief executive of cybersecurity firm Cybereason Inc. said that limits on individual Cryptocurrency such as bitcoin mean criminals will just switch to another currency. They will prefer a Cryptocurrency which is a less-regulated currency, and any regulation strong enough to deter payments to criminals will take a long time to develop. Moreover, FBI Director Christopher Wray added that the FBI is investigating about 100 different types of ransomware, each used in multiple attacks (WSJ).
Cryptocurrency in Ransomware Hacks: Investigation
U.S. officials are elevating the investigation of ransomware hacks to a level similar to how they monitor terrorist activity. The Attorney General aimed at the central task force in Washington to aggregate intelligence on ransomware schemes. The aim is to have a comprehensive perspective and to disrupt hackers more effectively. The European Union also plans to create an app to give residents more control over their personal data. Driver’s licenses and other forms would be stored in the app. This app will would be used online and in the physical world to verify identity. It could replace having to create separate accounts for social media and other digital services. EU members will try to agree on the technical details till 2022.
U.S. Look Into Cryptocurrency in Ransomware Hacks. Moreover, officials with Digital Mint said they collect regular “know-your-customer” data on clients and analyze hackers’ digital wallets for possible overlap with sanctioned businesses in countries where many ransomware organizations operate, such as Russia.