WASHINGTON, Oct 16 ― New data out yesterday showed US$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 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. Treasury said investigators found over 150 online wallets for cyptocurrency and by analyzing them uncovered roughly US$5.2 billion in transactions potentially tied to ransomware payments.
The victims of the attacks were not identified in the report, which noted some of the apparent ransoms were paid before January 2021. Stronger digital security and offline backups as well as collectively targeting the laundering of the attacks' proceeds were identified as crucial steps in the fight.
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