Up 188% on 2020 but could be because financial institutions were encouraged to report incidents
Banks in the US paid out nearly $1.2 billion in 2021 as a result of ransomware attacks, a marked rise over the year before though it may simply be due to more financial institutions being asked to report incidents.[PDF] on ransomware from the US Treasury's Financial Crimes Enforcement Network covering Bank Secrecy Act filings for 2021.
Its findings indicate that ransomware continued to pose a significant threat to US critical infrastructure, businesses, and the public, and that a substantial number of ransomware attacks appear to be connected to sources in Russia. In fact, the total of ransomware-related incidents and their monetary value reported in BSA filings during 2021 far exceeds that of other years, according to the report. FinCEN said it received 1,489 ransomware-related filings worth nearly $1.2 billion, a 188 percent increase over the $416 million filed in 2020.
However, the report also notes that the Treasury's Office of Foreign Assets Control released ransomware-related advisories and encouraged the reporting of ransomware incidents in the second half of 2021, which may have contributed to an overall rise in the figures. Meanwhile, of the 84 individual ransomware variants reported to FinCEN in connection with incidents during this period, the agency reports that 49 of these, roughly 58 percent, may be connected with suspected Russian threat actors.
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