U.S. officials alarmed by ransomware attack, mull stronger crypto regulation PlatoBlockchain Data Intelligence. Vertical Search. Ai.

U.S. officials alarmed by ransomware attack, mull stronger crypto regulation

U.S. officials alarmed by ransomware attack, mull stronger crypto regulation PlatoBlockchain Data Intelligence. Vertical Search. Ai.

With the recent ransomware attacks on some major American companies, two U.S. senators have expressed deep concerns about these incidents. 

In the latest episode of NBC News’ “Meet the Press,” senators Roy Blunt and Mark Warner have talked about the dangers of the recent cyber attacks. 

Both of them have proposed that stronger regulations must be implemented to prevent more cyber breaches, particularly ransomware attacks, from happening again. 

The ‘dark underbelly’

While Warner acknowledges the positive side of cryptocurrencies, he also admits that the government should also deal with the digital asset’s “dark underbelly,” which is ransomware.

Also, Blunt said that “there are ways that we can break through some of these systems.”

But he added that without any strict regulations in place, the people behind these attacks would always find a way to escape from their criminal activities. 

Recent hackings

JBS, the world’s largest meat supplier, is one of the latest multinational giants who were hit by ransomware attacks. The effects were so severe that JBS had to temporarily close its big plants the U.S. and Australia. 

Next was Colonial Pipeline, owner of one of the major pipelines of refined oil in the U.S., which was also attacked by ransomware. 

The hackers behind the attack targeted the company’s supply chain that caused major disruptions in its service, and forced the company to pay $5 million in ransom ー in the form of crypto. 

With these major attacks, Warner said they have “gotten better on bipartisan legislation last year, but this debate about crypto and ransomware is just starting.” 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/u-s-officials-alarmed-by-ransomware-attack-mull-stronger-crypto-regulation/

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