FinCEN Claims 75 Percent Of Ransomware Actions Are Related To Russia And Its Proxies

JAKARTA – According to a US Treasury Department analysis released on Tuesday, November 1, Payment-seeking software created by Russian hackers is now used in three-quarters of all ransomware schemes reported to US financial crime agencies in the second half of 2021.

In an analysis released in response to the increasing number and severity of ransomware attacks on critical infrastructure in the United States since late 2020, the US Financial Crimes Enforcement Network (FinCEN) said it received 1,489 ransomware-related complaints worth nearly $1.2 billion in 2021. This number increased 188% from the previous year.

"Of the 793 ransomware incidents reported to FinCEN in the second half of 2021, approximately 75% had links to Russia, its proxies, or people acting on its behalf," the report said.

Washington this week hosted meetings with officials from 36 countries and the European Union, as well as 13 global companies to tackle the growing threat of ransomware and other cybercrimes, including the illegal use of cryptocurrencies.

"We may face the ransomware challenge with a different lens - and in some cases, an entirely different set of tools - but we are all here because we know that ransomware remains a critical threat to victims around the world and continues to benefit them, bad actors," Deputy Finance Minister Wally Adeyemo told officials at the meeting.

The ransom software works by encrypting the victim's data, while the hacker offers the victim the key in exchange for cryptocurrency payments that can run into millions of dollars.

A US Treasury official on Tuesday said the department last month fended off cyberattacks by pro-Russian hacker groups, preventing intrusions, an example he said of the department's stronger approach to financial system cybersecurity.