WASHINGTON–U.S.-based financial institutions paid out nearly $1.2 billion on likely ransomware-related payments during the past two years, most often in response to breaches originating with Russian criminal groups, according to a new report from the Treasury Department.
That figure is more than double ransomware-related payments made in 2020, showing the pace of such threats continues to grow faster.
In releasing the analysis, the Financial Crimes Enforcement Network (or FinCEN) stated the data “indicate that ransomware continues to pose a significant threat to U.S. critical infrastructure sectors, businesses and the public.”
According to FinCEN, BSA data for 2020 suggests that at least 602 ransomware-related incidents occurred between during the year, with the total value of such incidents approximately $527 million. BSA data for 2021 suggests that at least 1,251 ransomware-related incidents occurred during at a total value of $886 million.
According to the report, Russia-related ransomware variants responsible for majority of ransomware activity, accounting for 69% of ransomware incident value, 75% of ransomware-related incidents, and 58% of unique ransomware variants reported for incidents in the review period. All of the top five highest grossing ransomware variants in this period are connected to Russian cyber actors, FinCEN said.
The mean average total monthly amount of ransomware-related incidents in the review period was $81.4 million, and the median was $80 million.
FinCEN said it identified 84 ransomware variants in BSA data for incidents during the review period.
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