40-Nation Alliance Vows to Refuse Cybercriminal Ransom Payments in US-Led Counter Ransomware Initiative

New measures include sharing information on ransom payment accounts, maintaining a blacklist of ransomware gangs’ cryptocurrency wallets, using AI to analyze blockchains for illicit funds, and providing mutual aid during attacks. The US has suffered 46% of global ransomware attacks, fueling the need for global cooperation.

Almost 50 countries are on the brink of signing a commitment to refuse payment of ransomware demands, a significant step announced at the third annual International Counter Ransomware Initiative (CRI) summit held in Washington DC.
The initiative aims to cut off funding to cybercriminals, partially through information sharing about ransom payment accounts, mutual aid during attacks and maintaining a blacklist of ransomware gangs' cryptocurrency wallets.
Two information-sharing platforms will be set up in Lithuania and jointly by Israel and UAE to allow rapid exchange of threat information following ransomware attacks. Countries are expected to share at least one piece of threat intelligence per week.
The US, which faces 46% of all global ransomware attacks, will share a blacklist through the Treasury Department detailing digital wallets being used to move ransom payments, and will use AI to analyze blockchain transactions to identify illicit funds.
England, Lithuania, Uruguay, South Korea, Japan, and Canada, among others, have joined the initiative last year. Government agencies and institutions will commit to refusing ransom demands, however, private businesses are not included in this pact.