Global Coalition Declares No More Ransom Payments to Hackers

A coalition of 40 nations, led by the US, has pledged to never pay ransoms to hackers as part of the International Counter Ransomware Initiative (CRI). The initiative aims to combat global cybercrime by cutting off funding to ransomware gangs. The expansion of the initiative comes as ransomware threats continue to rise, with the US being the most targeted nation. The alliance plans to improve data sharing between countries on ransom payment accounts and establish information-sharing platforms. The US Treasury Department will create a "black list" to identify digital wallets used for ransomware payments. Ransomware attacks have surged in 2023, with the average enterprise ransom payment exceeding $100,000.