US banks spent US$1bil on ransomware payments in 2021, Treasury says

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. — Dreamstime/TNS

US financial institutions spent nearly US$1.2bil (RM5.68bil) 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. The Financial Crimes Enforcement Network, or FinCEN, said its analysis “indicates that ransomware continues to pose a significant threat to US critical infrastructure sectors, businesses and the public”.