30 Countries Meet to Crack Down on Cybercrime and Ransomware

  • Crypto Guru
    October 12, 2021, 14:11

US President Joe Biden has called a summit of 30 countries, including NATO and G7 partners, to discuss joint efforts to tackle the menace of cybercrime and ransomware.

The summit, which will take place this month, will look to reinforce cross-border cooperation between law enforcement and intelligence agencies, with a view to curbing the misuse of cryptocurrency and establish a framework to hold cybercriminals to account for their actions.

Over the course of the last 12 months, the United States witnessed an increase in the number of cyber-attacks against its critical infrastructure, most famously the one on the Colonial Pipeline, which wrought havoc on the fuel supply along the East Coast. Fuel pumps ran dry, and the economic fallout of the action was enormous.

Risks of Escalation

Biden has stressed that the risk of cyberattacks spilling over into conventional warfare is very real, especially when critical infrastructure is concerned. Tit for tat measures could very easily escalate into a hot war, and the world is in unprecedented territory when it comes to such confrontations. A concerted effort to mitigate this risk right now, nipping it in the bud, could pay dividends in terms of global security going forward.

We Are All Vulnerable

The US administration labored the point that every American business can be affected by cybersecurity threats, regardless of their size and sector. The move to 5G communications brings with it scope for additional risks, which have been curbed through the selection of countries that may export hardware to the United States. Some of America’s closest partners, specifically Australia and later Great Britain, followed the superpower’s lead in boycotting 5G infrastructure originating in high-risk countries, namely the strategic rival, China.

American Action Overseas

The Biden administration also established its willingness to act against individuals within foreign territories, should their host countries be unwilling to deal with them. How such measures would be implemented with countries that do not have extradition treaties with the United States has yet to be seen. However, following these announcements, America has seen improved collaboration with foreign nations in halting cybercriminal organizations and bringing bad actors to justice.

Partners Act

The point has clearly registered with America’s closest partners, with the United Kingdom recently announcing that it would establish a National Cyber Force as an integrated part of its military, made up of hackers, which would be ready and willing to take offensive retaliatory actions against its enemies, as opposed to merely thwarting and protecting against hostile acts, as has traditionally been the remit of government agencies.

Staying Protected

The most important point to consider is that no organization, or individual, is immune to cyber threats. In developed economies, the vast majority of local populations are connected to the internet, not only on their computers but also with a number of other devices. The Grapherex messaging app provides absolute security, via E2E encryption, for all data transfers made via its service. The risk of hacking or connecting other users equals zero. Be sure to take advantage of the opportunity to protect yourself.