WASHINGTON—As part of a government-wide effort to counter ransomware, the U.S. Department of the Treasury has announced a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms.
The initiative also encourages improved cyber security across the private sector and increased incident and ransomware payment reporting to U.S. government agencies, including both Treasury and law enforcement.
Treasury’s actions advance the United States government’s broader counter-ransomware strategy, which emphasizes the need for a collaborative approach to counter ransomware attacks, including partnership between the public and private sector and close relationships with international partners, Finextra said in its analysis.
“Ransomware and cyber-attacks are victimizing businesses large and small across America and are a direct threat to our economy. We will continue to crack down on malicious actors,” said Treasury Secretary Janet L. Yellen. “As cyber criminals use increasingly sophisticated methods and technology, we are committed to using the full range of measures, to include sanctions and regulatory tools, to disrupt, deter, and prevent ransomware attacks.”
As CUToday.info has reported, ransomware attacks are increasing in scale, sophistication, and frequency, victimizing governments, individuals, and private companies around the world.
In 2020, ransomware payments reached over $400 million, more than four times their level in 2019, Finextra noted.