According to certain American officials, ransomware attacks might be avoided if cryptocurrency payments to culprits were closely tracked.
According to reports, the Biden administration wants to crack down on the usage of digital assets in ransomware operations by beginning to track such transactions.
Counter-Cyber-Attacks Using Crypto-Tracing
During a video briefing with members of Congress, the US government addressed ways to tackle the rising number of ransomware assaults. According to Bloomberg, the Biden administration will begin monitoring digital assets given to hackers who use such attacks to hurt businesses, corporations, and government institutions.
The White House has formed a ransomware task group, according to Deputy National Security Adviser Anne Neuberger. She went on to say that the group’s goal would be to thwart harmful activities, challenge and track the use of virtual currency in assaults, and prevent other nations from sheltering hackers.
There is now no private-sector cybersecurity standard, and Congress would want to develop one.
On the other hand, some politicians claimed that neither the creation of a ransomware task force nor anything connected to cybersecurity were mentioned during the meeting.
According to one of the officials, who did not want to be identified, Congress did not even discuss the REvil ransomware group. The notorious hacking collective was recently accused of cybercrimes, and the US government-linked it to Russia. After collecting an $11 million ransom, the group vanished from the Dark Web just days ago.
It’s worth remembering that US officials originally announced identical intentions in early June when Deputy Press Secretary Karine Jean-Pierre declared that combating ransomware is a priority for the government.
Cybercriminals receive $11 million in Bitcoin
JBS USA Holdings Inc., the world’s largest beef producer, was the victim of the hack above. The infamous organization – REvil – demanded $11 million in Bitcoin as ransom from the American corporation, generating more than $50 billion in yearly sales.
The attackers penetrated the internet security and locked sensitive information belonging to the meat production firm, as is typical of similar breaches. As a result, it was unable to produce.
JBS, somewhat unexpectedly, agreed to pay the claim. After receiving the money, JBS USA’s Chief Executive Officer, Andre Nogueira, expressed concern that the company may become a victim again, causing severe harm to all consumers who rely on its products:
“It was very painful to pay the criminals, but we did the right thing to our customers. We didn’t think we could take this type of risk that something could go wrong in our recovery process. It was insurance to protect our customers.”