Security News > 2021 > September > U.S. Department of the Treasury announces set of actions to counter ransomware

As part of the whole-of-government effort to counter ransomware, the U.S. Department of the Treasury announced a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms, encouraging improved cybersecurity across the private sector, and increasing incident and ransomware payment reporting to U.S. government agencies, including both Treasury and law enforcement.

These actions advance the United States government's broader counter-ransomware strategy, which emphasizes the need for a collaborative approach to counter ransomware attacks, including partnership between the public and private sector and close relationships with international partners.

These actions include the Department of the Treasury's Office of Foreign Assets Control's designation of SUEX OTC, S.R.O., a virtual currency exchange, for its part in facilitating financial transactions for ransomware actors.

Treasury will continue to use its authorities against malicious cyber actors in concert with other U.S. departments and agencies, as well as our foreign partners, to disrupt financial nodes tied to ransomware payments and cyber-attacks.

As the Advisory notes, is essential for U.S. government agencies, including law enforcement, to understand and counter ransomware attacks and malicious cyber actors.

The G7 Cyber Expert Group, co-chaired by Treasury and Bank of England, met on September 1 and September 14, 2021 to discuss ransomware, which remains a grave concern given the number and breadth of ransomware attacks across industry sectors.

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