14 June 2021
The FBI and the US Department of Justice were able to celebrate a notable victory when they seized $2.3m worth of cryptocurrency that was part of the ransom paid after the Colonial Pipeline attack.
Rahman Ravelli’s Syed Rahman believes the seizure could have long-term significance in the battle against hackers.
Syed told Tech Monitor that the attack on the huge US oil pipeline may come to shape the future response of the authorities to ransomware.
He explained that, until now, most governments have been allowing private sector companies to handle these attacks however they think is best. But he believes that “a line has now been drawn’’ in the wake of the Colonial Pipeline attack. He believes that the FBI now sees its involvement in ransomware incidents as necessary in order to protect the national infrastructure.
With the US authorities now taking action to recover the proceeds of crime that are generated through ransomware attacks, this is no longer a problem being tackled by the companies and organisations affected.
Syed's article featured in Tech Monitor.