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 (FinCEN) covering Bank Secrecy Act (BSA) 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.

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Source: The Register