US financial institutions spent 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 …
Cyber criminal gangs are getting increasingly adept at hacking and becoming more professional, even setting up an arbitration system to resolve payment disputes among themselves, according to a new report by the United States, Australia and the United Kingdom that …
LONDON – Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks that left them smarting from hefty payouts. Faced with increased demand, major European and U.S. …
In the past few weeks, ransomware criminals claimed as trophies at least three North American insurance brokerages that offer policies to help others survive the very network-paralyzing, data-pilfering extortion attacks they themselves apparently suffered. Cybercriminals who hack into corporate and …
WASHINGTON — As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don’t pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: The ransoms may be tax …
More transparency is needed into what kind of cash payments are made after ransomware attacks, a top Democrat said, following a recent spate of cyber-attacks aimed at U.S. companies. Mark Warner, chairman of the Senate Intelligence Committee, spoke days after …
CNA Financial Corp., among the largest insurance companies in the U.S., paid $40 million in late March to regain control of its network after a ransomware attack, according to people with knowledge of the attack. The Chicago-based company paid the …
Recent warnings from the U.S. Treasury about paying ransomware demands are unlikely to substantially change how cyber insurers cover or handle such situations, according to experts. However, the advisories are likely to up the pressure on ransomware victims to make …
The U.S. Treasury Department is warning that individuals or businesses that help facilitate ransomware payments may be violating anti-money laundering and sanctions regulations. The warnings came in a pair of advisories, one from the Financial Crimes Enforcement Network (FinCEN) and …
