US to crack down on crypto ransomware attackers, issue guidelines: Report

The US government is gearing up to penalise hackers who have extorted millions of dollars in digital currency from major US firms through ransomware attacks, The Wall Street Journal said quoting people familiar with the matter. The treasury department plans to impose sanctions that will disrupt the revenue source of ransomware attackers as soon as next week.

In a ransomware attack, a hacker accesses a company’s computer system and uses malware to encrypt their data. The hacker decrypts the data only on payment of a ransom, which is mostly done in digital currency like Bitcoin as they are difficult to trace.

In recent years, ransomware attacks have risen in number and become a thriving business, threatening critical infrastructures such as power operators, hospitals and banks.