U.S. Treasury report shows a surge in ransomware transactions

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U.S. Treasury report shows a surge in ransomware transactions

- Suspicious activity reports related to ransomware jumped dramatically in 2021, according to the U.S. Treasury Department s Financial Crime Enforcement Network.

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$590 million's of ransomware in the first six months of 2021 was reported, representing the entire amount before 2020 - when $416 million came into the report. The median suspicious amount of ransomware transactions was $66.4 million and the mean average total $28.5 million. Cybersecurity firms have filed numerous suspicious activity reports.

The Treasury Department also identified 68 ransomware variants, noting that the most commonly reported variants were REvil, Conti and DarkSide.

The report was submitted as the Treasury Department issued guidance to the digital currency industry to prevent exploitation by entities sanctioned by U.S. and ransomware actors It is part of a broader effort by the Obama administration to crackdown on ransomware attacks, which have soared in recent years. In ransomware attacks, hackers encrypt a victims files and promise to unlock them if they are paid a fee.

Among the more notable attacks was one on Colonial Pipeline Co. in May, squeezed fuel supplies on the East Coast and another on the meatpacker JBS SA the following month.

The Treasury report indicated that ransomware actors are increasingly requesting payment in crypto currencies like Monero, designed to enhance anonymity.

The average amount of ransomware transactions reported in 2021 was $102.3 million, according to the report. During the current trend, the report said that residual activity reports SARs filed in 2021 are projected to have a higher ransomware-related transaction value than SARs filed in previous 10 years combined, which would represent a continuing trend of substantial increases in reported year-over-year ransomware activities. None Jane Fraser Has a plan to throw back the Citigroup While Tormenting Rivals Overshadows?

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