Singapore leads efforts to combat ransomware by discouraging payments to cybercriminals.
SINGAPORE – Singapore is one of 48 countries part of a global initiative aiming to discourage paying ransoms to ransomware hackers. The pledge, announced at a meeting in Washington, is part of the ongoing work of the Counter Ransomware Initiative (CRI), a coalition of 50 members, including Interpol and the European Union.
The CRI, co-chaired by Singapore and the United Kingdom, has reaffirmed its commitment to disrupt the ransomware business model and take a firm stance against the extortive actions of cybercriminals. A joint statement emphasized that members will actively discourage paying ransoms and will ensure that relevant institutions under their authority do not engage in such transactions.
David Koh, Chief Executive of Cyber Security Agency of Singapore (CSA), expressed that this international cooperation against ransomware was crucial. He highlighted that this common standard against ransomware would bring about meaningful progress, especially in establishing a rules-based multilateral order in cyberspace.
The CRI was formed in 2021 and, since then, has expanded from 31 nations to its current membership. Singapore has played a key role in creating best practices for cyber incident reporting and information sharing within this alliance.
The CRI also intends to establish a shared blacklist of cryptocurrency wallets used by ransomware actors. This will be facilitated through data sharing between member nations, with the United States pledging to share information from the Department of the Treasury.
Ransomware is a form of malware used by hackers to encrypt organizations’ systems, often stealing sensitive information and threatening to release it unless a ransom is paid. While paying ransom does not guarantee the recovery of data or the removal of malware, it serves to fund these criminal activities. The CSA reported 132 ransomware incidents in 2022, although this number likely underrepresents the full scale of the issue.
As part of its efforts to combat ransomware, Singapore’s police and CSA have developed a ransomware portal for victims to report incidents and potentially decrypt affected systems. The CRI’s statement highlighted the risks of paying ransoms and stressed that such payments only fuel the expansion of cybercrime.
