The new Counter-Ransomware Initiative, announced by President Joe Biden in the beginning of October, brings together thirty countries to strengthen cooperation against ransomware and tackle misuse of cryptocurrencies.
Last week, the United States hosted a virtual international meeting of the initiative that included European Union partners, members of the Quad, South Africa, Nigeria, Kenya, South Korea, Singapore, United Arab Emirates, Ukraine, and others.
Counter-Ransomware Initiative and deterring cyber warfare.
It's the topic of our in-depth tonight.
I have Kang Min-suk, Assistant Professor of Computer Science at KAIST and Monty McGEE, Associate Director at Cyber Readiness Institute, joining us live via Skype.
Welcome to the show.
How does ransomware work? Where and in what industries do ransomware happen and what are the consequences?
Why do hackers involve cryptocurrency companies for facilitating transactions?
"No one country, no one group can solve this problem."
Those were the words of the U.S. national security adviser Jake Sullivan last week.
How can countries or how should countries cooperate to fight against ransomware?
What role can diplomacy play in reducing cybercrimes?
According to a report published this week, a hacking group linked to the ransomware attack on Colonial Pipeline earlier this year is posing as a fake company to recruit individuals to help carry out further attacks. Which other kinds of major cyber crimes have there been recently?
Russia, seen as a key player, wasn't among the governments who participated in the summit. Are such joint efforts possible without Russia?
What about North Korea? How much of a threat does North Korea pose in this realm and how can South Korea and the alliance best deter North Korean cyberattacks
(This fall, Russian financial organizations have been hit by a wave of major DDoS attacks, and Russian tech giant Yandex claimed it was hit by the largest recorded attack ever.)
Alright, it was Professor Min-suk KANG and Mr. Monty McGEE. Thank you for speaking with us.