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Cybercrime, ransomware gangs are under the lens of more than 30 countries

Ransomware gangs are under the lens of more than 30 countries. The Ransomware Initiative Meeting members will target the cryptocurrency payment channels used by the groups to finance their operations

The cryptocurrency payment channels, used by cybercrime ransomware gangs to finance their operations, will be targeted by the international community. It has been decided in Ransomware Initiative Meeting, attended by ministers and representatives from more than 30 countries worldwide. Their joint statement underlines that the pillars of the new strategy are four: resilience, countering illicit finance, disruption and other law enforcement efforts, and diplomacy. Those include new efforts to improve the capacity of national authorities, to include regulators, financial intelligence units, and law enforcement to regulate, supervise, investigate, and take action against virtual asset exploitation with appropriate protections for privacy, and recognizing that specific actions may vary based on domestic contexts.  The international group will also seek out ways to cooperate with the virtual asset industry to enhance ransomware-related information sharing.

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