President of the United States of America Joe Biden has hinted that he is making progress with the prevalent ransomware attacks in the U.S and the world after his meeting with Russian President Vladimir Putin.
After a summit on Wednesday in Geneva, the U.S president said he had spoken with Putin on the issue of cybersecurity. Biden revealed he was clear on warding off attacks on critical infrastructure wheater in Russia or the U.S.
The U.S President also revealed that Putin expressed similar concerns over a potential ransomware attack on pipelines in Russia, adding the two countries would likely have more clarification on their positions within the next 6-12 months.
However, both Biden and Putin never mentioned crypto or digital assets in their press conferences. They only talked about the $4.4 million ransom paid to Colonial Pipeline following a cyber attack in May.
Why Biden, Putin, want to address Prevalent ransomware attacks
The growth in ransomware attacks in the U.S and the globe has become a growing concern, especially after the COVID-19 pandemic. The spate of these attacks in the U.S. in the past few months has also drawn authorities’ attention.
It led America to announce plans to begin tracking crypto transactions to reduce these jack attacks. Kia Motors America, Colonial Pipeline, Steamship Authority, and most recently JBS holdings all have been hit recently in quick succession.
The most recent attack on the Colonial Pipeline in the U.S and JBS American beef firm spurred this conversation more among world leaders.
Both firms were hacked, shut down thereby hindering activities in the firm caused fuel and meat scarcity and forcing them pay several millions in Bitcoin.
Chainalysis, a crypto analytical firm estimated lately that the amount of crypto heisted in ransomware attacks tanked 311 percent last year. In the first four and a half months of this year, ransomware was responsible for at least $81 million in stolen funds worldwide.
The firm notes that it also expects the figures to rise as new crimes are being discovered retroactively.
G7 agrees to end cyber attacks
The G7 also agreed to a set of concrete actions around key priorities responding to forced labor in global supply chains, the ransomware threat, and fighting corruption.
This was contained in the White House press release titled ‘FACT SHEET: G7 to Announce Joint Actions on Forced Labor in Global Supply Chains, Anticorruption, and Ransomware.
In their commitment to fighting the cyberattack, they identified the attack as a longstanding global challenge and the threat that continues to escalate in both scale and sophistication.
They note that governments, the private sector and the international community have to work together to ensure that critical infrastructure is resilient against this threat. The White House says it and G7 partners are ready to work together to address the escalating shared threat from criminal ransomware networks.