Security News > 2021 > June > Hit by a Ransomware Attack? Your Payment May be Deductible
Deductibility is a piece of a bigger quandary stemming from the rise in ransomware attacks, in which cybercriminals scramble computer data and demand payment for unlocking the files.
A ransomware attack on Colonial Pipeline last month led to gas shortages in parts of the United States.
Ransomware has become a multibillion-dollar business, and the average payment was more than $310,000 last year, up 171% from 2019, according to Palo Alto Networks.
He said, the rise of ransomware attacks has only strengthened the case for the IRS to allow ransomware payments as tax deductions.
It's unclear how many companies that pay ransomware payments avail themselves of the tax deductions.
The Biden administration has pledged to make curbing ransomware a priority in the wake of a series of high-profile intrusions and said it is reviewing the U.S. government's policies related to ransomware.
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