Deputy Secretary for Management and Resources Richard R. Verma addressed the Fourth International Counter Ransomware Initiative Summit at the Foreign Service Institute on October 1, 2024. He emphasized the need for global cooperation to tackle ransomware threats.
Verma highlighted his experience over the past 20 months, during which he visited more than 50 countries and raised the issue of ransomware repeatedly. "If we leave here with one message, we have to work together to solve this problem," he stated.
The summit's location at the Foreign Service Institute was deemed appropriate as it is where American diplomats are trained for modern challenges. The Deputy Secretary acknowledged participants from government, private sector, and academia who gathered to address cybersecurity issues.
In May, the Secretary of State introduced the United States International Cyberspace and Digital Policy Strategy in San Francisco. This strategy aims to promote a secure and rights-respecting digital future underpinned by "digital solidarity." This concept involves like-minded countries collaborating to combat cyber threats such as ransomware.
Verma noted that last year saw over 6,600 ransomware incidents across 117 countries—a significant increase from the previous year—with more than 2,800 incidents occurring in the United States alone. These attacks forced victims to pay over $1 billion collectively to regain access to their systems and data.
He described ransomware as a global threat affecting security, public safety, and economic prosperity. "What makes ransomware so devastating is the way that it actually affects our everyday lives," he said, citing examples like hospitals being crippled and municipal services disrupted.
The Counter Ransomware Initiative was launched three years ago by the United States and three dozen other countries. It has since expanded to include 68 members globally. Over the past year alone, 18 new members joined from various regions including Argentina, Cameroon, and Moldova.
Verma cited several collaborative efforts against ransomware: American and British law enforcement disrupted LockBit operations in February; in July, indictments were issued against a North Korean individual involved in cyber espionage funded by ransomware; today, sanctions were imposed on Russian actors linked to Evil Corp.
The Deputy Secretary also discussed ongoing efforts to deepen cooperation between governments, private sectors, and academia. He mentioned initiatives like a task force co-chaired by Australia and Lithuania sharing best practices and information on known ransomware tactics.
Further support includes training programs hosted by organizations such as the Organization of American States and funding commitments like $25 million allocated to help Costa Rica secure its government networks after a major attack in 2022.
Congress authorized a $50 million fund last year aimed at enhancing international cyber infrastructure. This fund supports new programs like FALCON—a rapid response tool designed to address cyber vulnerabilities within 48 hours.
Verma stressed building resilience through measures such as expanding cyber insurance coverage and integrating security features into software design from inception. He also called for promoting rules-based behavior in cyberspace endorsed by all UN member states.
In closing remarks, Verma urged continued collaboration: "This Counter Ransomware Initiative – and everyone here today – reminds us that we are not powerless."
He thanked attendees for their commitment and expressed eagerness for future results from these meetings.
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