Biden to Convene 30-Nation Meeting to Combat Ransomware

October 11, 2021 - President Biden announced that the United States would assemble a meeting of 30 countries to discuss how to combat and mitigate ransomware and cyber threats. The action builds upon Biden’s executive order issued in May aimed at improving the nation’s cybersecurity in the wake of multiple cyberattacks on US critical infrastructure entities.

“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” explained a White House press release.

“We are building a coalition of nations to advocate for and invest in trusted 5G technology and to better secure our supply chains. And, we are bringing the full strength of our capabilities to disrupt malicious cyber activity, including managing both the risks and opportunities of emerging technologies like quantum computing and artificial intelligence.”

In July, the Administration issued a National Security Memorandum outlining the steps that stakeholders and critical infrastructure entities should take to safeguard their operations against malicious hackers.

The memorandum directed the Cybersecurity & Infrastructure Security Agency (CISA) and the National Institute of Standards and Technology (NIST) to collaborate to develop cybersecurity performance goals for critical infrastructure.

In early September, President Biden met with cybersecurity leaders from Apple, Google, Amazon, JPMorgan Chase, and others to discuss national cybersecurity initiatives. The leading tech companies pledged to improve security across the technology supply chain, implement cybersecurity education programs, and invest billions in zero-trust security.

The latest announcement shows the Administration’s continuing commitment to combating cyber threats. The federal government started allocating more resources to national cybersecurity efforts after a ransomware attack on Houston-based Colonial Pipeline in May.

The cyberattack, committed by the DarkSide ransomware group, forced Colonial Pipeline’s computerized equipment offline and disrupted thousands of miles of its fuel supply chain.

Ransomware attacks are increasing across all sectors, and healthcare has been hit especially hard since the onset of the pandemic.

“The Federal government needs the partnership of every American and every American company in these efforts,” Biden’s statement continued.

“We must lock our digital doors—by encrypting our data and using multifactor authentication, for example—and we must build technology securely by design, enabling consumers to understand the risks in the technologies they buy. Because people—from those who build technology to those to deploy technology—are at the heart of our success.”

Meanwhile, notorious ransomware gangs are gaining strength and continually exploiting networks and extracting money from vulnerable organizations. A recent study from McAfee revealed that the REvil/Sokinokibi ransomware group was responsible for 73 percent of ransomware detections in Q2 2021.

With NATO and G7 partners, the US plans to take a global approach to tackling ransomware and safeguarding public and private sector entities against cyberattacks.

“This October, even as we recognize how much work remains to be done and that maintaining strong cybersecurity practices is ongoing work, I am confident that the advancements we have put in place during the first months of my Administration will enable us to build back better – modernizing our defenses and securing the technology on which our enduring prosperity and our security rely,” Biden concluded.