Financial institutions that operate in USA reported ransom payments for data hijacking to hackers (ransomware) for about $ 590 million in the first half of 2021, notes the Treasury Department.
The figure is 42% higher than that reported for all of 2020, according to a report, which highlights that ransomware attacks have exploded in recent months.
“If current trends continue, (reports) filed in 2021 are projected to have a higher ransomware-related transaction value than those filed in the previous 10 years combined,” Treasury said.
The attacks involve hacking into an entity’s network to encrypt its data and then demanding a ransom, usually paid in cryptocurrency, in exchange for the digital key to unlock the network.
Washington sought to crack down on a sharp increase in ransomware attacks, including sanctions against online exchanges where illicit operators allegedly monetize cryptocurrencies.
Recent attacks on a major US oil pipeline, a multinational meat company, and the Microsoft Exchange email system drew attention to vulnerability to hackers.
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