US banks spent $1bn on ransomware payments

US financial institutions reported nearly $1.2 billion on likely ransomware-related payments last year, most commonly in response to breaches originating with Russian criminal groups, according to the Treasury Department.

The payments more than doubled from 2020, underscoring the pernicious damage that ransomware continues to wreak on the private sector. The Financial Crimes Enforcement Network, or FinCEN, said its analysis “indicates that ransomware continues to pose a significant threat to US critical infrastructure sectors, businesses and the public.”

Financial institutions filed 1,489 incidents related to ransomware in 2021, up from 487 the year before, according to data collected under the Bank Secrecy Act. FinCEN’s analysis included extortion amounts, attempted transactions and payments that were unpaid.

In the US, banks are required to file suspicious activity reports to help the government detect money laundering or other criminal activity.

—Bloomberg