White House to Investigate & Handle Ransomware

July 16, 2021

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The White House is reportedly planning to launch a ransomware task force that will examine ways of limiting cryptocurrency payments, among other tasks. The White House is creating a new group to investigate and tackle ransomware, including cryptocurrency payments, Politico reported Wednesday.

Ransomware has become an increasingly important focus for U.S. lawmakers and federal officials after several high-profile attacks on different infrastructure firms, including Colonial Pipeline, a fuel logistics company, and JBS, a meat purveyor. Both companies paid bitcoin ransoms to their attackers, though federal officials were later able to recover most of the ransom paid by Colonial Pipeline.

The task force will try to find ways of halting ransom payments made through crypto platforms, the report said, alongside other missions like helping potential ransomware victims bolster their internal defenses, and launching attacks against ransomware operators.

The Financial Crimes Enforcement Network (FinCEN) will have a gathering, and different parts of the public authority will give various assets to potential ransomware casualties, as per the report, which referred to Deputy National Security Advisor for Cyber and Emerging Technologies Anne Neuberger. Most as of late, an IT arrangements firm called Kaseya experienced a ransomware assault, which may have affected many different firms that depend on Kaseya’s customer Managed Service Providers.

Prior to Wednesday, the Senate Judiciary Committee declared it intends to hold a conference on ransomware in the coming days, and different officials have sent various organizations inquiries concerning paying ransoms.
It’s indistinct what kind of proposed guidelines around cryptocurrency may arise out of this team. Individuals from a global Ransomware Task Force said in an April report that more steady implementation of illegal tax avoidance and know-your-customers (KYC) laws in various countries would be the best device for relieving payments, as opposed to endeavoring to nan digital money or forestall its utilization totally.

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