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US President Joe Biden wants the federal response to a recent wave of ransomware attacks to focus on the use of cryptocurrency, a spokesperson said on Tuesday.
Meat producer JBS confirmed on Sunday that it was suffering from a ransomware incident and was facing a request from a criminal organization, deputy press secretary Karine Jean-Pierre told reporters. In response, the White House wants to better assess ransomware attacks and track crypto payments to threat actors.
President Biden has already launched a rapid strategic review to address the growing threat of ransomware to include four lines of effort [including] extend cryptocurrency analysis to find and prosecute criminal transactions[s], she said.
Other lines of inquiry include assessing how ransomware is distributed and working with other countries to “hold countries that host ransom actors to account,” she said.
Ransomware attacks occur when malicious actors deploy software to a victim’s computer or network that essentially locks down all files and data. Attackers can offer to send the victim a decryption key if they pay a ransom. This ransom has often been billed in bitcoin, and such attacks have become more profitable in recent months, according to a report from Chainalysis.
These attacks tend to extend much beyond a simple impact on the victimized businesses. Attacks on companies that provide goods or services can end up disrupting the lives of thousands or millions of people. The closure of the Colonial Pipeline threatened to cause fuel shortages on the US east coast, while the Irish health system had to cancel medical appointments.
During Tuesday’s briefing, Jean-Pierre said tackling ransomware is now a priority for the Biden government.
This builds on President Bidens’ decree, which is currently being implemented. The executive order sets out five high-priority cybersecurity initiatives that, if implemented, will reduce the risk of cyber attacks, including ransomware, she said.
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