Security

Banks report $1B in ransomware payments

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November 8, 2022

Banks have reported that users paid more than $1 billion in ransomware payments in 2021, more than double from 2020 and the largest amount ever reported in a year. The Treasury Department collected data that showed the majority of the funds came from attacks connected to Russian hackers, according to a CNN report.

The Treasury said the increase may be due to banks getting more skilled at tracking and reporting ransomware, as banks must provide information such as extortion amounts and attempted ransom payments.

However, ransomware is still a major problem in many industries. For example, in May 2021, a pipeline operator Colonial Pipeline had to shut down for several days due to an attack.

Himamauli Das, acting director of FinCEN, said in a statement that "ransomware — including attacks perpetrated by Russian-linked actors — remain a serious threat to our national and economic security."

The Biden administration has brought together three dozen governments to discuss how to address ransomware. Russia is not in attendance.

The FBI discourages companies from paying ransoms, but many, including Colonial Pipeline, choose to pay to keep their business running.