A Treasury Department investigation made public on Tuesday has revealed that Russian hackers’ payment-seeking software was utilised in 75 per cent of all ransomware attacks reported to a US financial crime agency in the second half of 2021.
The US Financial Crimes Enforcement Network (FinCEN) reported that in 2021, it had received 1,489 ransomware-related filings totalling nearly $1.2 billion, a 188 per cent increase from the year before.
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According to the analysis, 75 per cent of the 793 ransomware occurrences that FinCEN received in the second half of 2021 “had a nexus to Russia, its proxies, or persons acting on its behalf,” reports Reuters.
The report comes as Washington prepares to host a meeting with representatives from 36 nations, the European Union, and 13 international corporations to discuss the growing threat posed by ransomware and other forms of cybercrime, including the unauthorised use of cryptocurrency.
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Since late 2020, there has been an increase in the quantity and seriousness of ransomware attacks against vital infrastructure in the United States.
These attacks work by encrypting the data of victims using ransomware, and in lieu of a key in exchange for the said data, hackers demand cryptocurrency payments that can amount to millions of dollars.
(With inputs from agencies)
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