Alex Dovbnya

The Biden government is reportedly planning to ban companies from paying ransomware gangs

The White House is about to finalize its ransomware strategy, according to a July 6 report by CNN.

It involves working with countries that are part of the Five Eyes Alliance to have foreign cryptocurrency exchanges report suspicious transactions to governments.

The National Security Council plans to ban companies from paying ransom while improving their cybersecurity.

Some have already criticized the idea of ​​a blanket payment ban, with Cyber ​​Threat Alliance CEO Michael Daniel pointing out that it would harm victims:

Immediately banning payments is not a viable strategy as it will impose excessive costs on innocent victims.

Ransomware has once again become a national problem after a supply chain attack on Miami-based software company Kaseya paralyzed up to 1,500 companies around the world earlier this month.

As reported by U.Today, Russia-affiliated cybercrime gang REvil – which recognized the violation – has requested a bitcoin payment of $ 70 million for a universal decryptor.

REvil is also offering individual victims to pay $ 45,000 worth of Monero to regain access to their files.

President Joe Biden urges the affected companies not to make payments.

The hackers have now lowered the asking price to $ 50 million, which could be a sign of desperation.