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Jack Gillum reports that US Banks Spent $1 Billion on Ransomware Payments in 2021, Treasury Says:
"US financial institutions spent nearly $1.2 billion on likely ransomware-related payments last year, most commonly in response to breaches originating with Russian criminal groups, according to the Treasury Department.
The payments more than doubled from 2020, underscoring the pernicious damage that ransomware continues to wreak on the private sector.
...
Financial institutions filed 1,489 incidents related to ransomware in 2021, up from 487 the year before, according to data collected under the Bank Secrecy Act. FinCEN’s analysis included extortion amounts, attempted transactions and payments that were unpaid.
FinCEN said the top five highest-grossing ransomware variants from the second half of 2021 are connected to Russian cybercriminals. The damage from Russian-related ransomware during that period totaled more than $219 million, according to the data."
Nov 2, 2022, 9:54:42 AM
Posted to Cryptocurrency-enabled Crime