$590 Million Ransomware-Related Payments Reported In First Of 2021

The crime involves breaking into an establishment's networks, encrypt the data to demand ransom usually via cryptocurrency in exchange for the digital key to unlock it.

New Delhi: A new data has reported $590 million in ransomware-related payments were reported to US authorities in the first half of 2021. The US Treasury Department report stated the figure is 42% higher than the amount reported by financial institutions for all of 2020, reported AFP.

"If current trends continue, (reports) filed in 2021 are projected to have a higher ransomware-related transaction value than (reports) filed in the previous 10 years combined," Treasury was reported as saying.

This crime involves breaking into an establishment's networks, encrypt the data to demand ransom usually via cryptocurrency in exchange for the digital key to unlock it. While the victims were not announced in the report, it stated the ransoms were paid before January 2021.

According to the AFP report, the recent assaults on a major US oil pipeline, a meatpacking company and the Microsoft Exchange email system drew attention to the vulnerability of US infrastructure to digital pirates. Now, Washington has demanded a crackdown and issued first sanctions against an online exchange where illicit operators have allegedly swapped cryptocurrency for cash.

"This trend potentially reflects the increasing overall prevalence of ransomware-related incidents as well as improved detection and reporting," Treasury was quoted by AFP.

The new data on the scale of payments related to hacks came after more than two dozen nations resolved to collectively fight ransomware during a Washington-led summit. In the summit the nations recounted agonizing experiences with cyber-extortion, including a digital "disaster" declaration in Germany and Israel even announcing a blitz was underway against a major hospital.

The United Kingdom, Australia, India, Japan, France, Germany, South Korea, the European Union, Israel, Kenya, Mexico, and others were among the roughly 30 that joined in the virtual gathering that ran from Wednesday to Thursday.

"We will consider all national tools available in taking action against those responsible for ransomware operations threatening critical infrastructure and public safety," the nations said in a joint statement.