Security News > 2022 > November > Ransomware cost US banks $1.2 billion last year

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.

The figures come from the most recent Financial Trend Analysis report [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.

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.

"Today's report reminds us that ransomware - including attacks perpetrated by Russian-linked actors - remains a serious threat to our national and economic security," FinCEN Acting Director Himamauli Das said in a statement.

The report was released to coincide with the second International Counter Ransomware Initiative Summit in Washington, where participants from 36 countries were hosted by the US Deputy Secretary of the Treasury, Wally Adeyemo, to discuss a unified approach to the ransomware threat.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/11/02/ransomware_cost_us_banks/