Department of Justice said it would elevate ransomware to a similar priority level as terrorism. In the United States, President Biden has made ransomware a priority for the administration’s approach to national security.Įarlier this summer-amid ransomware attacks against Colonial Pipeline and meat processing firm JBS -the U.S. National security, ransomware, and crypto Ransomware activities-and their associated ties to cryptocurrencies-have become a major focus for the Biden administration’s national security agenda. “We also recognize the challenges some jurisdictions face in developing frameworks and investigative capabilities to address the constantly evolving and highly distributed business operations involving virtual assets,” the representatives added. Ransomware groups, they said, can easily transfer any stolen funds to jurisdictions that aren’t up to scratch on tracking illicit transactions. The representatives also said that internationally coordinated scrutiny of cryptocurrencies would be integral to facing the ransomware threat head-on. “We are dedicated to enhancing our efforts to disrupt the ransomware business model and associated money-laundering activities,” the representatives reportedly said in a collective statement yesterday. Representatives from the European Union (EU) and 31 other countries met during a virtual summit this week to coordinate a global response to ransomware, per the Wall Street Journal.
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