Just a day after unveiling a sweeping new executive order on artificial intelligence, the White House is hosting the third International Counter Ransomware Summit, which brings together leaders from around the world to address the growing menace of ransomware attacks.
Representatives from approximately 50 countries have gathered in Washington for the summit, where the Biden administration seeks to cement a series of new initiatives aimed at combating the expanding “ransomware ecosystem.”
Ransomware attacks involve the theft or encryption of an organization’s data, followed by a demand for money in exchange for the return of the data or the promise of keeping it private. Anne Neuberger, Biden’s Deputy National Security Advisor focused on cybersecurity, highlighted the alarming increase in ransomware attacks during the first half of 2023. Data from the White House indicates a 45% surge in ransomware attacks compared to the latter half of 2022.
Ransomware has evolved into a thriving industry, with hackers, many of whom are based in countries like Russia, targeting a wide array of entities, including private companies, infrastructure projects, hospitals, and even entire governments.
The International Counter Ransomware Summit aims to foster intelligence sharing and discussions among business and government leaders regarding the government and private sector’s approach to ransomware threats. Furthermore, the White House hopes to build consensus and launch new initiatives, such as efforts to track and blacklist hackers’ digital wallets, as well as establishing a platform for governments to swiftly share threat information.
This summit is a component of the International Counter Ransomware Initiative, which commenced in 2021 with 30 member countries and has expanded in response to the escalating threat.
While ransomware attacks this year may not have garnered the same level of attention as the high-profile incidents of 2021, such as those involving Colonial Pipeline and JBS meat, their frequency and economic impact have increased. Numerous organizations, including Clorox and CommonSpirit Health, have recently disclosed ransomware attacks and payments. Over the weekend, Stanford University revealed an investigation into a cybersecurity incident at its Department of Public Safety.
Though quantifying ransomware attacks with certainty is challenging due to many organizations choosing not to disclose breaches publicly, experts agree that this year has witnessed a noticeable uptick in attacks. Anti-ransomware firm BlackFog has termed 2023 “another record-breaking year” for ransomware, with numerous publicly disclosed attacks in addition to countless unreported ones.
A recent private notification from the Federal Bureau of Investigation has highlighted a new aspect of the threat: the emergence of dual ransomware attacks, where the same company is targeted in quick succession.
The Biden administration’s advice to private companies is not to pay ransoms and to report the attacks, thereby aiding government enforcement efforts in tracking down the attackers who often prefer to operate in the shadows.
At this week’s conference, an effort is underway to share intelligence with foreign governments, in light of recent attacks in countries as varied as Costa Rica and Israel. Another intelligence-sharing initiative aims to create a shared blacklist of cryptocurrency-holding digital wallets, forcing hackers to create new, more cumbersome wallets rather than reusing them worldwide.
Anne Neuberger emphasized, “We know there’s no magic bullet to stop ransomware actors; we just want to make it riskier, costlier, and harder,” regarding measures like the digital wallets database.
Artificial intelligence is another focal point of the week’s cybersecurity discussions, loosely connected to the broader AI executive order issued by the Biden administration on Monday. This order covers various aspects, including sharing AI models with the government and immigration policy.
President Biden has drawn a direct link between AI and cybersecurity, warning that “in the wrong hands, AI can make it easier for hackers to exploit vulnerabilities in the software that makes our society run.”
Regarding ransomware, Biden officials seek consensus on an initiative that harnesses AI for blockchain analysis efforts, making it more efficient in searching through terabytes of digital data for clues. Simultaneously, there is an acknowledgment that hackers are likely employing AI to develop increasingly malicious intrusion tools, raising concerns about the “exponential weapon” in the hands of cybercriminals, as expressed by business executive Betsy Atkins.
President Biden stressed the need to govern AI technology, stating, “To realize the promise of AI and avoid the risks, we need to govern this technology.”
Source: Yahoo Finance
