The White House has constituted a ransomware task force in response to the growing cyber attacks on America’s crucial infrastructure and sensitive supply chains. The group will explore ways to halt “ransom payments made through cryptocurrency platforms,” and trace the crypto payments paid to hackers. 

Biden Administration Announces New Measures to Fight Ransomware Attacks

In an announcement made on Wednesday, Deputy National Security Adviser Anne Neuberger told members of Congress that the newly created task force is part of the Biden administration’s strategy to disrupt ransomware operations, counter the use of cryptocurrencies in hacks and collaborate with allies to deter other countries from providing shelter to attackers. 

Apart from tracking ransom payments, the task force will also help critical infrastructure companies bolster their cyber defenses and launch attacks on ransomware operators. 

Not everyone who took part in Neuberger’s briefing was impressed with the plans. One member of the Congress, who spoke under the condition of anonymity, said the administration had carried out no discussions on a government entity that would lead attacks against ransomware operatives. The lawmaker suggested that most of the discussion was focused on upping the defenses of infrastructure facilities and businesses.

Russia’s Infamous REvil Group Goes Off-line

In another stunning development, Russia’s most aggressive ransomware group, REvil, suddenly went offline on Tuesday. The group’s mysterious disappearance comes days after President Biden asked his Russian counterpart Vladimir Putin to take action against hackers targeting American facilities. 

REvil was identified as the mastermind of the attack on one of America’s biggest beef producers JBS, which paid the group Bitcoin ransom to prevent its stolen data from being leaked publicly.

Ransomware has become a pain point for the US and its crypto industry, which seems to be under the regulatory scanner due to the use of cryptocurrencies by cybercriminals. The country has suffered some high-profile attacks recently that derailed vulnerable supply chains in various sectors.

Of all the attacks that have taken place till now, the Colonial Pipeline remains fresh in the memories of many. In May, the oil pipeline system, which originates in Texas, suffered a massive breach in its cybersecurity that suspended its operations for several days. The company was eventually forced to pay 75 bitcoins to the attackers to regain access to its systems.

More Regulations to Contain Ransomware on Their Way

The Senate Judiciary Committee has announced a hearing on ransomware later this month, and it has invited the DOJ, FBI, and CISA to testify that day. Lawmakers have also sent a questionnaire to different businesses about the practice of paying a ransom.

Presently, it’s difficult to determine the nature of regulations that will emerge from the ongoing proceeding on the subject of ransomware. But according to a report published by an international ransomware task force, rigorous enforcement of anti-money laundering(AML) and know-your-customer(KYC) laws would be the most effective strategy instead of over-regulation and banning of cryptocurrencies.