Ransomware and Cyber Attacks were hot topics at G7 Summit

All the world leaders who took part at the G7 Summit held in Cornwall, UK have agreed on a unanimous note that ransomware and cyber attacks have emerged as the biggest threats to their nation in recent times.

G7 that comprises countries like the USA, UK, Canada, Japan, Italy, Germany, and France has decided to launch a committed fight against the spread of ransomware that was being facilitated by the price rise in Cryptocurrency.

Although none of the nations dared to take the names of countries like China and Russia for spreading malware and cryptocurrency mining malware, they all did agree to the fact that the two said nations were acting as safe harbors to hackers.

Participants who participated in G7 Summit are urging Russia to draft some policies that make it easy for law enforcement to track down the criminals and prosecute them stringently as per their crime.

“They are engaging in notorious activities in the virtual world by leveraging infrastructure and taking the help of money laundering networks to pass on the stolen currency. And this has to be nipped from the bud, only to put an end to the crime on a permanent note”, said Lindy Cameron, the Chief of NCSC- a cyber arm of Britain’s GCHQ.

Chainalysis, a blockchain-based Data, and Analytics Company discovered that the funds gained from ransomware attacks were up by 311% last year. As the gangs spreading the file-encrypting malware managed to steal $81m out of $160 stolen funds in 2020 on a worldwide note.

Cyber Crooks seem to be exploiting network vulnerabilities created by the new trend of remote working during the COVID 19 crisis and this has made them gain numerous sums of amount.

Leaders who have participated in the G7 Summit 2021 concluded that AI technology must be used to cut down crime in the security sphere. And to foresee that the members are planning to inject $50 billion in AI deployment to bolster Cyber Security on an immediate note.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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