Banks Report $1B Ransomware Explosion

ransomware and cybersecurity

According to ATM Marketplace, Banks reported that there were more than $1 billion in ransomware payments in 2021, more than double from 2020 and the largest amount ever reported in a year. The Treasury Department collected data that showed the majority of the funds came from attacks connected to Russian hackers.

The Treasury said the increase may be due to banks getting more skilled at tracking and reporting ransomware, as banks must provide information such as extortion amounts and attempted ransom payments.

The Biden administration has brought together three dozen governments to discuss how to address ransomware. Russia is not in attendance.

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