Data showed that $590 million ransomware payments were reported to US authorities. (Representative)
Washington:
New data released Friday showed that $590 million in ransomware-related payments were reported to US authorities in the first half of 2021, bringing the total to the fore in the form of a cyber-extortion boom for the past decade. Determines the speed of defeat.
According to the US Treasury Department report, this figure is 42 percent higher than the amount reported by financial institutions for the whole of 2020.
“If current trends continue,[the report]filed in 2021 is projected to have higher ransomware-related transaction value than[the report]filed in the past 10 years combined,” the Treasury said.
The crime involves breaking into an entity’s network to encrypt its data, then demanding a ransom, usually paid via cryptocurrency, to unlock it in exchange for a digital key.
Washington has sought to crack down on a sharp rise in attacks, including issuing its first ever sanctions against an online exchange where illegal operators have allegedly exchanged cryptocurrencies for cash.
Recent attacks on a major US oil pipeline, a meatpacking company and the Microsoft Exchange email system drew attention to the vulnerability of US infrastructure to digital pirates.
Based on suspicious activity alerts to file financial firms, the report said it was unclear whether the jump represented an increase in awareness of cybercrime.
threat to critical infrastructure
“This trend potentially reflects an increased overall prevalence of ransomware-related incidents, as well as improved detection and reporting,” Treasury said.
The victims of the attacks were not identified in the report, which noted that some apparent ransom payments were made before January 2021.
The new data on the scale of payments related to the hack comes after more than two dozen countries pledged to collectively fight ransomware during a Washington-led summit.
The United States gathered countries – with the notable exception of Russia – to unite and promote efforts to fight a cybercrime, which is escalating and potentially devastating.
Robust digital security and offline backup as well as collectively targeting the laundering of the proceeds of the attacks were recognized as key steps in the fight.
“We will consider all national means available to take action against those responsible for ransomware operations that endanger critical infrastructure and public safety,” the nations said in a joint statement.
The United Kingdom, Australia, India, Japan, France, Germany, South Korea, the European Union, Israel, Kenya, Mexico and others were among about 30 who attended the virtual gathering that ran from Wednesday to Thursday.
During the summit countries reiterated their traumatic experiences with cyber-extortion, including a digital “disaster” declaration in Germany and Israel, even declaring a blitz against a major hospital was going on
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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