(Test) Good News for SMBs as White House Steps Up Counterattack Collaboration on Ransomware Gangs

DataStream — Fri, 18 Feb 2022 17:13:21 GMT

But does this mean the end of ransom payments?

Last month US Government officials announced a major new assault on cybercriminals, particularly those looking to rip businesses off with ransomware attacks.

The move, announced by a senior Biden White House official, includes a range of options designed to both halt attacks, and support law enforcement officials in their efforts to bring those responsible for the attacks to justice.

The cross-government plan – which is aligned with similar moves by officials in other countries – could also see US Government cyber experts go on the attack themselves against criminal gangs, as well as options to ramp up data sharing to build extra resilience into the system.

It comes after a wave of recent ransomware attacks that have struck at the heart of American business operations. These have included high profile attacks like the Colonial Pipeline incident, which caused fuel chaos along the US East Coast, and the JBS incident, which paralysed the world’s largest meat processing company.

Forming the new taskforce, US Government officials are hoping to stem the tide of ransomware attacks, and in doing so, close off a modern business vulnerability that when exploited, can wreak havoc on the US economy.

Amongst the levers being looked at to stymie organised cybercriminal activities, there is a reward fund of $10m in place, for information that leads to the arrest of those responsible.

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(Test) Good News for SMBs as White House Steps Up Counterattack Collaboration on Ransomware Gangs

But does this mean the end of ransom payments?