The White House is assembling 30 countries to meet this month to collaborate on a global strategy aimed at addressing the threat ransomware brings to economic and national security, CNN reported Oct. 1.
The alliance's goal will be to "accelerate our cooperation in combating cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically," according to the report.
The alliance's first meeting will take place virtually and is part of a recurring effort to cut off revenue for ransomware groups and pinpoint ways to prosecute them, the White House said.
The creation of the new group follows President Joe Biden's efforts to reduce ransomware attacks across the U.S. Last month, the Treasury Department sanctioned its first cryptocurrency exchange platform accused of helping launder ransomware payments. The administration aims to thwart the increase in attacks by removing hackers' means of receiving payments.