Biden Administration Plans To Ban Firms From Paying Ransomware Gangs

As a result of the ever-increasing cyber-attacks on various exchanges, protocols, and different companies, some of which have caused shutdowns on a massive scale, the United States government has decided to adopt drastic measures in terms of preventing these attacks from intensifying. To that end, the U.S shall be working alongside its allies in an effort to put an end to the current ransomware crisis where many individuals and criminal gangs are using different exploitative techniques in order to steal millions of dollars, all of which is usually paid in crypto.

Recent criminal activities include the likes of the DarkSide and REvil gang attacks, which have caused nothing but frustration for numerous investors, governments, and companies. As such, Joe Biden is actively considering banning any company from paying the ransom, at least until further efforts can be made to combat this significant threat. The FBI has also since become heavily involved.

The White House gets involved

The White House has been busy finalizing the process of its new strategy pertaining to battling the current ransomware-based attacks. This strategy includes working alongside numerous countries which are all collectively part of an alliance known as the ‘Five Eyes’ in an attempt to force international crypto exchanges to report any and all suspicious and illicit transactions as well as operations to the local governments.

Moreover, the National Security Council intends to prevent any company from paying any ransom amount, even if an attack does occur as cybersecurity measures continue to be improved. This new rule is being administered in the hopes of drastically reducing the funding of criminal gangs. Of course, not everyone agrees with the rule, and many have actively criticized it since a complete ban would adversely affect payments and end up making things worse for the victims.

Attacks not stopping

As previously mentioned, the attacks have not decreased, and many fear what will happen if appropriate counter-measures are not implemented soon. Kaseya was the latest victim, and the attack on this software company had led to more than a thousand businesses all across the world being crippled around the time of the United States’ Independence Day.

In related news, the REvil gang has reduced the ransom amount to $50 million, a move which is hopefully an act of desperation by the criminals as governmental authorities get ready to initiate a serious crackdown.

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