Globally, it is estimated that there is a ransomware attack on a business every 11 seconds. Ransomware is a pervasive type of cybercrime which can impact individuals, businesses and critical infrastructure.
On 2 November 2022, it was announced that Australia would Chair an International Counter Ransomware Task Force (ICRTF). This article explores the threat of ransomware and the role of the Taskforce.
What is ransomware?
Ransomware is a form of malware, or intrusive software, that can steal data or cause damage to a computer or computer system. Ransomware encrypts a target’s files so they can no longer be accessed. A ransom, usually in the form of a cryptocurrency, is demanded to restore access to the files. Criminals may also threaten to publish sensitive information if a ransom is not paid.
The role of the International Counter Ransomware Task Force (ICRTF)
The role of the ICRTF is to combat ransomware by translating research findings and policy discussions into:
- Cross-sectoral tools.
- Cyber threat intelligence exchanges.
- Collective best practice guidance for countering ransomware.
The Taskforce, established in the Department of Home Affairs’ Cyber and Critical Technology Coordination Centre, is part of the 37 country strong United States-led Counter Ransomware Initiative (CRI).
The ICRTF will undertake projects in response to requests for assistance from CRI members, and will facilitate the CRI’s connection with industry for defensive and disruptive threat sharing and actions.
Counter Ransomware Initiative (CRI)
The United States-led Counter Ransomware Initiative (CRI) seeks to enhance international cooperation to combat the growth of ransomware. It also aims to build cross-border resilience and to collectively disrupt and defend against malicious cyber actors.
Members of the CRI eligible to participate in the ICRTF include:
- Austria
- Belgium
- Brazil
- Bulgaria
- Canada
- Croatia
- Czech Republic
- Dominican Republic
- Estonia
- France
- Germany
- India
- Ireland
- Israel
- Italy
- Japan
- Kenya
- Lithuania
- Mexico
- The Netherlands
- New Zealand
- Nigeria
- Norway
- Poland
- Republic of Korea
- Romania
- Singapore
- South Africa
- Spain
- Sweden
- Switzerland
- United Arab Emirates
- United Kingdom
- United States
- Ukraine and
- The EU
Key takeaways
Australia will chair the International Counter Ransomware Task Force, which is part of the United States-led Counter Ransomware Initiative in which 37 countries participate.
