US Reports $ 590 Million Ransomware Payments in H1 2021 | World news

According to the US Treasury Department report, the figure is 42% higher than the amount reported for all of 2020, which comes as costly and debilitating attacks have increased.

Financial institutions reported $ 590 million in ransomware-related payments to U.S. authorities in the first half of 2021, setting a pace to beat the previous decade combined as cyber extortion explodes, a report revealed on Friday.

According to the US Treasury Department report, the figure is 42% higher than the amount reported for all of 2020, which comes as costly and debilitating attacks have increased.

“If current trends continue, (reports) filed in 2021 are expected to have a higher ransomware transaction value than (reports) filed in the previous 10 years combined,” the Treasury said.

The attacks consist of breaking into an entity’s networks to encrypt its data, and then demanding a ransom, usually paid via cryptocurrency in exchange for the digital key to unlock it.

Washington has sought to quell a sharp rise in attacks, including imposing its first sanctions against an online exchange where illicit operators allegedly traded cryptocurrencies for cash.

Recent attacks on a major US pipeline, a meat packing company, and the Microsoft Exchange email system have drawn attention to the vulnerability of US infrastructure to digital hackers.

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