U.S. President Joe Biden will address the role of cryptocurrencies in response to a growing number of ransomware attacks at the upcoming G-7 event, according to his National Security Adviser, Jake Sullivan. The Security Adviser describes the issue as a “different order of magnitude of a security threat that the alliance has to concern itself within a way that it hasn’t historically.”
Biden to Address on Ransomware Attacks at G-7
In a White House press briefing that took place on 7th June, U.S. National Security Advisor Jake Sullivan addressed the growing concerns of the increased ransomware attacks to US-based entities including the recent Colonial Pipeline Company ransomware attack forcing the firm to pay $4.4 million.
Other high-profile ransomware attacks include parts of the Irish health service and insurance firm CNA Financial.
The Colonial Pipeline shutdown threatened to cause fuel shortages across the U.S. East coast while the Irish health service had to cancel medical appointments.
These attacks believed to have originated from Russia-based groups will be on the agenda for Biden’s visit to the G-7 summit this weekend, Sullivan said.
Commenting on those attacks, Sullivan said that the administration was hoping to come away with “the start of an action plan that covers a number of critical areas including “how to deal with the cryptocurrency challenge which lies at the core of how these ransomware attacks are carried out.”
“Ransomware is a national security priority,” he continued while adding cryptocurrencies often lie “at the core” of ransomware attacks citing cyberattacks as a “national security priority” for the U.S. government.
G-7 Summit Taking Place This Weekend
The G-7 summit is scheduled to be held in the United Kingdom from June 11 to 13 and will be Biden’s first foreign trip as an acting U.S. president since his inauguration in January.
Ransomware attacks occur when malicious actors deploy software to a victim’s computer or network that results in the victims being locked out of all files and data. In return, the attacker offers to send the victim a decryption key if they pay a ransom often charged with Bitcoin.
These kinds of attacks go much further with goods or services companies ending up disrupting millions of people’s lives depending on the services.