White House Asked to Increase Crypto Regulation
The Institute for Security and Technology has formed a task force responsible for urging the White House to address and combat the rise in ransomware attacks and make it harder for cybercrimes to be committed through greater regulation of the cryptocurrency industry. Law enforcement agencies, cybersecurity experts, and government entities banded together to present a series of 48 recommendations on how to disrupt the illegal activities of threat actors to the White House.
The task force highlighted how the volume of cyber attackers has increased by four times from last year to this year, making cybercrime a $350 million industry. The report was created after consultations with security researchers at Palo Alto Networks and Chainalysis. The report also notes that cyber criminals favor cryptocurrencies when extorting payments post-ransomware attacks due to their nature as unregulated and untraceable transactions.