The White House said: "Cyber threats affect the lives and livelihoods of American families and businesses and the conference would continue to build on our whole-of-government effort to deter and disrupt cyberattacks.”
The goal of the alliance will be "to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically.
The announcement follows a series of ransomware attacks on US critical infrastructure firms in recent months, including one that forced major US fuel supplier Colonial Pipeline to shut down for days.
The first meeting of the multilateral initiative will be held virtually. It's part of a recurring effort to cut off revenue for ransomware groups and figure out ways to prosecute them, according to the White House.
In bolstering US cybersecurity, "the Federal government needs the partnership of every American and every American company in these efforts", President Joe Biden added.
Biden in June urged Russian President Vladimir Putin to crack down on cybercriminals operating from Russian soil, but US officials have been sceptical of Moscow's willingness to do so. After a brief period of quiet from some ransomware groups following the Biden-Putin meeting, hackers have claimed multiple US companies as victims in recent weeks.