Biden, Putin chart way forward on ransomware attacks

TL;DR Breakdown

• Biden, Putin speaks on how to end ransomware attacks
• Why Biden, Putin wants to end cyber attack

President of the United States of America Joe Biden has hinted that he is making progress with the prevalent ransomware attacks in the U.S and world after his meeting with Russian President Vladimir Putin.

After a summit on Wednesday in Geneva, the U.S president said he had spoken with Putin on the issue of cybersecurity. Biden revealed he was clear on warding off attacks on critical infrastructure wheater in Russia or the U.S.

The U.S President also revealed that Putin expressed similar concerns over a potential ransomware attack on pipelines in Russia, adding the two countries would likely have more clarification on their positions within the next 6-12 months.

However, both Biden and Putin never mentioned crypto or digital assets in their press conferences. They only talked about the $4.4 million ransom paid to Colonial Pipeline following a cyber attack in May.

Why Biden, Putin, want to address Prevalent ransomware attacks

The growth in ransomware attacks in the U.S and the globe has become a growing concern, especially after the COVID-19 pandemic. The spate of these attacks in the U.S. in the past few months has also drawn authorities’ attention.

It led America to announce plans to begin tracking crypto transactions to reduce the spate of these jack attacks. Kia Motors America, Colonial Pipeline, Steamship Authority, and most recently JBS holdings all have been hit recently in quick succession.

The most recent attack on the collonial Pipeline in the U.S and JBS American beef firm spurred this converstion more among world leaders.

Both firms were hacked, shut down thereby hindering activites in the firm and forcing them pay several milions in Bitcoin.

Chainalysis, a crypto analytical firm estimated lately also that the amount of crypto heisted in these attacks grew 311 percent last year. In the first four and a half months of this year, ransomware was responsible for at least $81 million in stolen funds worldwide.

The firm notes that it also expects the figures to rise new crimes are discovered retroactively.