About $1 billion ransomware payments made in 2021 in United States

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According to a finding of Treasury Department Data shared with world renowned news resource CNN, about $1 billion ransomware payments were made across the United States in the year 2021; probably the most ever reported in the history of cyber crime.

Treasury’s Financial Crimes Enforcement Network (FinCEN) report states that most of the crime was committed by Russian hackers or those funded by the Kremlin.

Highlights of the report dole us the fact that the Biden government should think seriously about those spreading ransomware, before the situation deteriorates any further.

Though certain stipulations were formulated by the Biden administration after the May 2021 Colonial Pipeline ransomware attack, nothing much seems to have changed in the fast and sophistication filled spread of various file encrypting malware.

NOTE- FBI and CISA are urging victims not to pay a ransom as it not only encourages crime but also doesn’t guaranty a decryption key for sure.

To contain the crime, Washington will organize an all government meeting by the end of this week to chalk out a plan to contain the free flow of ransom related payments.

Russia and China will stay away from the meeting, while the rest of the world will discuss on how to contain the crime and if necessary will announce a kind of ban on certain cryptocurrencies that are apparently acting as catalysts in perpetuation of the said digital crime.

What do you think? Will crypto ban help in containing the crime?

 

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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