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NS white House A virtual event was held this week to tackle ransomware, as global economic damage mounts. Russia and North Korea were conspicuously absent from the meeting.

The “counter-ransomware” program – in which 30 countries participated – addressed the financial systems that make the rapidly growing ransomware business profitable, how to disrupt the ransomware ecosystem and ongoing diplomatic efforts.

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Ransomware payments reached over $400 million globally in 2020, and more than $81 million in the first quarter of 2021, white House said, underlining how dangerously profitable ransomware has become.

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Research coming out next week will reveal how often ransoms are paid. According to the cybersecurity firm, 83% of the ransomware victims surveyed admitted to paying attackers to restore their data. Thycoticcentrify.

“Ransomware is primarily a profit-seeking effort, typically taking advantage of money laundering networks to move ransomware proceeds,” according to a joint statement by ministers and representatives. Counter Ransomware Initiative Meeting on Thursday.

A senior administrative official said in the background that ransomware primarily targets businesses and the best insights on dealing with ransomware attacks often come from private sector entities. press call on Wednesday.

And that’s where the focus needs to be, said Brian Hornung, CEO of the cybersecurity firm. EXACT IT. solution, told Granthshala Business.

“The fastest bang for your buck will come from the private sector which will strengthen its cyber security investments,” Hornung said. “It’s a low-hanging fruit… simply because most of the private sector is far behind”

Russia and North Korea – often cited as the countries hosting ransomware actors – did not participate in the event, which the White House also addressed in the call.

“We look to the Russian government to address the ransomware criminal activity coming from actors within Russia,” the senior administration official said in response to a question.

Hornung has doubts about the effectiveness of diplomacy: “To date, I do not think these diplomatic efforts have been successful at all.”

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“It may be plausible that behind closed doors, progress is being made. Nevertheless, Russia has consistently maintained that the US has never provided enough evidence to warrant the Russian authorities to step in. Work to date The only attempts to do so involve brute force either with US law enforcement or working with another country near Russia’s borders,” he said.

North Korea also remains a constant threat. “We’ve talked about Russia, but North Korea is clearly a big player in ransomware to support its government’s operations,” the administration official said. The international economic system, North Korea is really, really much less sensitive.”