In a new report, Senator Gary Peters looked into the connection between cryptocurrencies and ransomware attacks.
Ransomware attacks are described as any digitial hijacks that result in blocked access to a data set or computer system, typically by encryption, so that the owner of the system must pay a ransom in order to recover that access. Ransomware attacks can be devastating to individuals and organizations, but they can also become a national security threat, according to a recent release from the office of Senator Peters.
Senator Peters also says that cryptocurrencies play a role in "emboldening and incentivizing cybercriminals to commit ransomware attacks" because cryptocurrency is more anonymized, meaning that it does not include identifying information. Over hundreds of millions of dollars have been paid to criminal organizations via digital currencies as a result of ransomware attacks.
To combat cybercrime, Senator Peters calls for increased oversight and investigation into cybersecurity, citing a lack of data on the federal government's part about ransomware attacks.
Key findings of the report include:
· The federal government lacks comprehensive data on ransomware attacks and use of cryptocurrency in ransom payments;
· Current reporting of ransomware attacks and ransom payments made in cryptocurrency is fragmented across multiple federal agencies;
· Lack of reliable and comprehensive data on ransomware attacks and cryptocurrency payments limits available tools to guard against national security threats; and
· Currently available data on ransomware attacks and cryptocurrency payments limits both private sector and federal government efforts to assist cybercrime victims.
The report also proposes several recommendations:
· The Administration should swiftly implement the new ransomware attacks and ransom payments reporting mandate;
· The federal government should standardize existing federal data on ransomware incidents and ransom payments to facilitate comprehensive analysis;
· Congress should establish additional public-private initiatives to investigate the ransomware economy; and
· Congress should support information sharing regarding ransomware attacks and payments including crowdsourcing initiatives.
