US-led group to boost coordination on ransomware

Significance

Established in October 2021, the CRI’s 36 member countries and the EU have jointly begun to clarify the group’s priorities and processes for tackling ransomware. The initiative promises to strengthen transnational policing of ransomware and harden network security in member states, particularly that of critical infrastructure.

Impacts

• Improved policing and investigation could allow victims of ransomware attacks to reclaim some ransom payments.
• Cross-border coordination on criminal crypto activity is as essential as it is unlikely.
• The CRI will give Washington another forum in which to pressure states such as India on their Russia ties.