$590m in ransomware payments reported to US in 2021
New data out Friday showed $590 million in ransomware-related payments were reported to US authorities in the first half of 2021 alone, setting a pace to beat totals for the whole previous decade as cyber-extortion booms.
The figure is also 42 per cent higher than the amount divulged by financial institutions for all of 2020, the US Treasury report said, and there are strong indicators the true cost could be in the billions.
"If current trends continue, (reports) filed in 2021 are projected to have a higher ransomware-related transaction value than... filed in the previous 10 years combined," said Treasury's Financial Crimes Enforcement Network.
The heists involve breaking into a company or institution's network to encrypt its data, then demanding a ransom, typically paid via cryptocurrency in exchange for the digital key to unlock it.
Washington has sought to crack down on a sharp rise in attacks, including issuing its first sanctions against an online exchange where illicit operators have allegedly swapped cryptocurrency for cash.
Source: www.thedailystar.net
