Over 40 Countries Including Korea and the US Agree Not to Pay Ransomware Demands

US Hosts 'Dae (Dae) Ransomware Initiative Summit'

Governments from over 40 countries, including South Korea and the United States, have agreed not to pay financial ransoms at the government level when faced with ransomware attacks.

The U.S. White House National Security Council (NSC) announced on the 31st (local time) that member countries are expected to adopt a joint policy statement for the first time at the 3rd "Counter-Ransomware Initiative Summit," which includes this pledge.

Ransomware is a cybercrime term combining "ransom," meaning hostage ransom, and "software," referring to malicious programs that demand money in exchange for restoring systems after infection.

The meeting, held over two days until the 1st of next month, will be attended by representatives from 48 countries, the European Union (EU), and the International Criminal Police Organization (ICPO, Interpol). Since 2021, the Biden administration has held annual summits focusing on ransomware infrastructure and actor response, strengthening resilience against attacks, countering virtual currency laundering of criminal proceeds, and international cooperation.

The joint policy statement also includes sharing blacklisted cryptocurrency wallets used to transfer ransomware payments and cooperation in responding to ransomware attacks as part of the response measures.

A U.S. NSC official said during a briefing held the previous evening, "We are almost at the final stage of obtaining signatures from all member countries on the (policy statement)."

Ransomware (Image=Getty Images Bank)

The summit will also unveil a project utilizing artificial intelligence (AI) to identify illicit financial flows related to ransomware. Additionally, a mentoring program among member countries will be conducted. According to the U.S. NSC, this includes Israel mentoring Jordan.

Furthermore, the summit plans to introduce an innovative information-sharing platform that enables rapid sharing of ransomware threat indicators among member countries.

This joint statement is also expected to be effective in responding to North Korea's ransomware activities. On the 27th, the United Nations Security Council (UNSC) Sanctions Committee on North Korea released an expert panel report that included information about North Korea distributing ransomware targeting medical institutions and critical infrastructure facilities.

The report stated that North Korea used funds obtained from ransomware attacks to finance other cyber operations or to achieve key policy objectives of the North Korean government.