"The Surprising Relationship Between Bitcoin and Ransomware Is Investigated in White House Summit"
Bitcoin has brought many advantages, including accessibility, liquidity, anonymity, independence from central authority, and high-return potential. However, these are benefits to cybercriminals as well, particularly those operating across national borders. According to a senior administration official at a press briefing prior to the International Cybersecurity Summit in Washington, as Bitcoin became more widely used, there was a significant increase in ransomware because it was the way to move money across borders. The official stressed that it is a borderless threat, and that defenders have yet to address it in a borderless manner. The threat has clearly evolved, particularly in terms of illicit cryptocurrency use. The Biden administration recently brought together leaders from 36 countries and the European Union to coordinate and strengthen partnerships, and more effectively counter ransomware threats on critical infrastructure. According to a senior White House official, ransomware is a global problem that affects Counter Ransomware Initiative (CRI) countries, businesses, critical infrastructure, and citizens. With ransomware gangs targeting sectors such as hospitals, which could result in fatalities, the need to find a solution to the problem is only increasing. Until a solution is found, organizations must focus on educating employees to spot and report phishing attacks quickly and accurately, as well as securing remote access portals with multifactor authentication (MFA). They must also ensure that software vulnerabilities are patched, networks are segmented, and strong data-loss prevention (DLP) controls are in place. In addition, the growing number of zero-day attacks and Common Vulnerabilities and Exposures (CVEs) should be kept in mind, according to Jeff Williams, cofounder and CTO at Contrast Security. This article continues to discuss the key findings and suggestions shared by leaders at the International Cybersecurity Summit.