The White House recently held a briefing to announce the launch of the International Counter Ransomware Initiative (ICRI), a coalition of 40 countries led by the United States aimed at combatting the growing global threat of ransomware.

A recent Reuters article reports that ransomware has hit the United States the hardest, accounting for 46% of all attacks worldwide. High-profile attacks in 2022 impacted operations at major U.S. companies like MGM Resorts and Clorox, neither of which have fully recovered operations.

The International Counter Ransomware Initiative represents an unprecedented coordinated effort between dozens of countries to tackle the ransomware epidemic by disrupting the financial infrastructures supporting these criminal networks. However, with ransoms continuing to be paid and attacks on the rise, the true impact of these policy changes remains to be seen.

Why it matters: In the US last year, ransomware cost an estimated $49 billion. The initiative could fundamentally alter ransomware dynamics through aligned messaging to deter payment and coordinated efforts to constrict financial channels enabling ransomware groups. The initiative’s success remains uncertain. However, cooperation on this level marks an important development in combating the threat ransomware poses worldwide.

• The International Counter Ransomware Initiative brings together 40 countries led by the U.S. to collaborate on disrupting the ransomware epidemic through both policy and technical measures.

• Core initiatives include partners signing a pledge to never pay ransom demands to cybercriminals carrying out attacks against their institutions or infrastructure. The coalition also aims to crack down on ransomware groups’ funding models by improving information sharing and tracking of cryptocurrency ransom payments using blockchain analysis.

• Despite the unprecedented coordination between dozens of countries, the initiative’s impact remains to be proven as ransoms continue to be paid and the overall number of attacks grows worldwide. Time will tell if these policies and technical commitments can constrict the ransomware epidemic.

Go Deeper —> International Counter Ransomware Initiative 2023 Joint Statement