G7 Nations plan to Tackle Ransomware Attacks

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With cyber-crime only increasing in the recent years, the need for combat is very obvious. Due to this, G7 nations have expressed commitment in fighting ransomware attacks.

Increasing Threat

Many of the recent cyber-attacks appear from less favorable nations. Because of this the United States has issued a warning to many nations home to ransomware groups. The warnings follow a number of reports accusing other governments of turning a bling eye on such groups. This allows cyber-criminal activity to take place within their border. According to the allegations some nations even sponsor such activity.

Leaders of the G7 have come to an agreement to join forces in the fight. All of them acknowledged the common challenge that ransomware attacks have become. The declaration was made in the G7 Summit in England. All the G7 nations have agreed upon the deceleration.

The U.S. President Joe Biden has confirmed the scale and extent of the recent high profile ransomware attacks. According to him that is what prompted the latest decision by the G7 countries. The president went on to talk about his faith in the achievement and how combining resources will help deal with such attacks.

The most successful and destructive ransomware attacks have taken place in recent times. There are many notable ransomware groups out there in the wild posing a large threat. Along the firms that have recently suffered from attacks is the Colonial Pipeline. That even created a fuel crisis in the U.S. that affected many.

JBS, a large meat processor was also targeted by recent attacks. This prompted the organization to suspend all the affected systems and hire experts to solve the situation.

Both ransomware attacks were really costly for the companies and resulted in economic losses. The recent Colonial Pipeline breach resulted in the company paying a ransom of $4.4 Million USD in crypto. JBS ended up getting a higher ransom and paid a little over $11 Million USD to access its encrypted files. The U.S. Department of Justice later went on to recover the funds paid to the threat actors.

President Biden intimated that the G7 leaders have agreed to collaborate in fighting all threats. Both state-sponsored and non-state cyber-criminal ransomware groups. The president also highlighted the importance of holding associated nations accountable.

Russian Involvement

A joint statement was released by after the G7 Summit in Cornwall. The world leaders took the stand and challenged Russia to start doing more concerning ransomware attacks. Many groups that have cause havoc recently have been linked to Russia. Although it is unknown if they are state-sponsored, Russia has been turning a blind eye.

The G7 summit called on Russia to identify, locate and dismantle any cyber-criminals. Many criminal organizations have been known to operate within its borders for years. The threat actors have not only been engaging in cyber-attacks but also in money laundering.

Overall, a very large number of notable ransomware groups exists within Russian borders. Around the world, law enforcement operations have successfully disrupted ransomware gangs. In Russia, such gangs continue to thrive while the government turns a blind eye.

It is a known fact that in Russsia cyber-criminals are not prosecuted. Instead, they are recruited and used to target and attack international targets. This aspect was reflected in a press release from March 2017 reported that the US had charged FSB agents for cyber-attacks. According to the report, the FSB agents were responsible for launching attacks against Yahoo.

According to court documents, the FSB hired a cyber-criminal on the FBIs 'Most Wanted' list. This was done to breach a tech giant and to harvest over a half a billion email accounts. The Russian security agency went on to offer the suspect a special protection and allowed him to operate under the radar.

Conclusion

As mentioned many times in the past, cyber-crime has been skyrocketing over the last few years. Part of this is due to the dark-net, but in reality it is because of the increasing value and importance of data. Recent cyber-attacks have demonstrated the damage that can be done and with this, a method of defense is needed. Although not revolutionary, the latest G7 agreement will help set an example and apply pressure on threat actors.

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