Page 55 - Cyber Defense eMagazine January 2023

Can The US-Led Multinational Counterattack Stop

Ransomware’s Gold Rush?

By Camellia Chan, CEO & founder of Flexxon

I was honored to be one of the representatives from 36 nations, the EU, and private sector companies
who convened October 31-November 1 for the Second International Counter Ransomware Initiative (CRI)
Summit at the White House. The borderless nature of ransomware threats demands close cooperation
among nations to fortify against opponents whose threats are as dangerous as physical aggression.
United States ransomware payments set a record in 2021, with almost 1,500 filings valued at a total of
nearly $1.2 billion, a 188% increase from 2020. The US spearheaded the CRI, with express objectives
of increasing “the resilience of all CRI partners, disrupt cyber criminals, counter illicit finance, build private
sector partnerships, and cooperate globally to address this challenge.”

I participated in the capacity of a private sector organization as a part of the Singapore delegation, which
is charged overseeing the CRI focus area of countering illicit finance together with the UK. The dialogues
that have taken place over the first two years are an indispensable first step in making inroads in a war
of attrition against formidable cyber criminals from around the world. But make no mistake, the CRI was
not only about talking about the problem. The international cooperative took concrete actions to protect
citizens, corporations, and governments from these unrelenting forces. The CRI’s efforts to establish
open lines of communication and collective action are a significant step forward, but we must next look
toward setting agreed-upon international standards through the contributions of each member
organization before more tangible impact can be seen.

Cyber Defense eMagazine – January 2023 Edition 55
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