Biden Administration Highlights Counter-Ransomware Efforts

The Biden Administration outlined its ongoing efforts to counter ransomware extortion attacks.

In a fact sheet, the Administration said that $400 million in payments were made globally last year, and that $81 million was paid in the first quarter of 2021. The Administration said that it was pursuing the following four strategies for countering ransomware:

• Disrupt Ransomware Infrastructure and Actors. The Administration highlighted its efforts to mobilize U.S. government capabilities, including the DOJ's establishmentof a National Cryptocurrency Enforcement Team and Treasury's update to its advisory on sanctions risks arising from ransomware payments.
• Bolster Resilience against Ransomware. The Administration (i) called for increased cyber defense investment from the private sector, (ii) highlighted collaboration between Treasury and the Department of Homeland Security ("DHS") Cybersecurity & Infrastructure Security Agency to engage the cyber insurance sector