Notebookcheck Logo
, , , , , ,
search relation.
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
 

US FinCEN watchdog reports that companies may have forked out nearly US$600 million in ransomware payments through 2021

Ransomware attacks may have cost businesses over US$5 billion in losses this year (Image source: Kaspersky)
Ransomware attacks may have cost businesses over US$5 billion in losses this year (Image source: Kaspersky)
The Financial Crimes Enforcement Network stated that so far in 2021, crypto exchange and financial institutions have reported nearly US$600 million in transactions to pay ransomware attackers. This is signifcantly higher than 2020’s entire-year figure of US$416 million.

According to a report by the FinCEN watchdog organization, businesses worldwide likely paid ransomware attackers almost US$600 million in aggregate, in an attempt to secure compromised data. The FinCEN’s report states that banks and crypto exchanges reported transactions in this volume specifically to pay off ransomware threats. 

This represents a marked increase in ransomware losses year on year. In 2020, for instance, businesses paid out US$416 million to ransomware attackers. The 2021 numbers are already worse, despite the year not having ended. In addition to the direct impact, the FinCEN states that “Suspicious Activity Reports” tie an additional US$5.2 billion to ransomware activities, as cybercriminals launder their money through crypto mixers. 

Following the infamous WannaCry attack in 2017, ransomware attacks have been on the rise, followed by Petya, Bad Rabbit, and others. The increasing adoption of cryptocurrencies and the anonymity that the blockchain offers means that many ransomware packages demand payment exclusively with crypto. But with governments like China increasingly cracking down on the crypto industry, on the whole, we expect the nature of ransomware attacks and ransomware demands to evolve. 

Source(s)

static version load dynamic
Loading Comments
Comment on this article
Arjun Krishna Lal
Arjun Krishna Lal - Tech Writer - 613 articles published on Notebookcheck since 2019
I've had a passion for PC gaming since 1996, when I watched my dad score frags in Quake as a 1 year-old. I've gone on to become a Penguin-published author and tech journalist. Apart from working as an editor at Notebookcheck, I write for outlets including TechSpot and Gamingbolt. I’m the Director of Content at Flying V Group, one of the top 5 digital marketing agencies in Orange County. When I'm not traveling the world, gathering stories for my next book, you can find me tinkering with my PC.
contact me via: Facebook, LinkedIn
Please share our article, every link counts!
> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 10 > US FinCEN watchdog reports that companies may have forked out nearly US$600 million in ransomware payments through 2021
Arjun Krishna Lal, 2021-10-16 (Update: 2021-10-16)