The Biden administration is examining
cryptocurrency’s role in recent hacks that have disrupted important U.S. industries including healthcare, fuel and food, exploring new ways to track victims’ payouts to foreign ransomware gangs.
White House officials this week said they are pushing to better trace ransomware payments, which hackers demand to unlock companies’ data.
In a letter to business leaders Wednesday, Deputy National Security Adviser Anne Neuberger said U.S. officials are working with international partners on consistent policies for when to pay ransoms and how to trace them.
Hackers ask for ransoms in cryptocurrency because it is difficult to pursue across digital wallets and national borders. U.S. officials discourage companies from paying ransoms, but many do so when losing data would cripple their businesses. Paying hackers who are affiliated with sanctioned entities, however, risks penalties from the Treasury Department.
Some cybersecurity experts say the spate of attacks underscores the need for a more aggressive approach to monitoring crypto payments.
www.wsj.com/articles/u-s-looks-into-cryptocurrencys-role-in-ransomware-hacks-11622759665
