Malware encrypts a victim’s files through ransomware. Unless you pay a ransom, the files are inaccessible. Ransomware typically spreads through phishing emails or by exploitation of vulnerabilities in software. The ransomware will scan for and encrypt important files on infected systems. This includes files such as documents, photos, and spreadsheets. The system will demand a ransom from the victim, typically demanding payment in Bitcoin.
Financial institutions in the U.S. reported more than $1 billion in possible ransomware payments last year. The Treasury Department shared this data exclusively with CNN.
The article details the ongoing security issues that the Biden administration has tried to rein in since a ransomware attack took place in May 2021, where a U.S. pipeline operator was rendered inoperable for days.
Although banks are getting better at reporting and tracking ransomware payments, ransomware attacks are continuing to grow. “Ransomware—including attacks perpetrated by Russian-linked actors—remain a serious threat to our national and economic security,” FinCEN Acting Director Himamauli Das told CNN.
Adding to the problem is the lack of regulations for companies to report ransomware attacks to the government. As a result, there’s not enough data out there that provides a clear picture of the severity of the problem.
A new law may require certain companies to report all ransomware attacks as well as payments to the Department of Homeland Security.