Friday, July 30, 2021

US regulators look to take strict measures against increasing ransomware attacks.

The Takeaway:

US regulators are determined to combat the perpetrators of ransomware attacks that have recently disrupted supply chains and other essential services.

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The White House is looking to combat increasing ransomware attacks that have recently disrupted supply chains and other essential services in the country. Though the current administration is considering many options, digital asset and blockchain-related regulation are likely to play a large part. Just as computer networks are regarded as “critical infrastructure,” so too will blockchains play an important part in future commerce and record-keeping.


White House launches a ransomware task force to help coordinate its efforts. 

Last week, a senior administration revealed that the White House had launched a ransomware task force to help coordinate its efforts. The federal government will also launch, a website of preventive resources geared at assisting businesses and state and local governments with cybersecurity-related issues. And the Biden administration will begin what it’s calling a Rewards for Justice program, a State Department effort offering up to $10 million for information that leads to the identification of state-sanctioned cyber activity against key infrastructure. These additional steps come only two months after US President Biden signed an executive order focused on increasing federal cybersecurity protections.


New anti-ransomware measures are said to include advice on defenses and solutions. 

The planned new anti-ransomware measures are reported to include advice on defenses and solutions and information-sharing and incident reporting requirements. However, payments are likely to play a large part. Without a way for victims to pay the ransoms and easy ways for criminals to process their funds, it becomes very difficult to perform an effective attack. Cryptocurrency exchanges, then, are likely to find themselves under increasing pressure to identify and report suspicious activity. Most ransomware attacks ask for money in cryptocurrencies that are hard to trace back to the criminals. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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