New Delhi: A new data suggests that $590 million in ransomware-related payments were reported to US authorities in the first half of 2021. The US Treasury Department report said the figure is 42% higher than the amount reported by financial institutions for 2020, AFP reported.
“If current trends continue,[the reports]filed in 2021 are projected to have higher ransomware-related transaction value than[reports]filed in the past 10 years combined,” said the Treasury. was reported.
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The crime involves breaking into an establishment’s network, encrypting the data in order to demand a ransom, usually via cryptocurrencies, in exchange for a digital key to unlock it. While the victims’ report was not announced, it said the ransom was paid before January 2021.
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, AFP reports. Now, Washington has sought an action and issued the first sanctions against an online exchange where illegal operators allegedly swapped cryptocurrencies for cash.
“This trend potentially reflects an increased overall prevalence of ransomware-related incidents, as well as improved detection and reporting,” Treasury was quoted by AFP.
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. Nations at the summit recounted painful experiences with cyber-extortion, including a digital “disaster” declaration in Germany and Israel, even as a blitz declared against a major hospital is underway. Was.
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.
“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.
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