The effects of ransomware attacks are often felt in the victim’s pockets, and millions of dollars have gone to criminals who committed the crime in the United States.Tech Target Joel DeCapua, a regulatory agent at the Federal Bureau of Investigation (FBI), appeared at the 2020 RSA conference, where he confirmed that there had been approximately $ 2020 million in ransomware payouts between October 2013 and November 2019.
Insurance coverage means the company can afford the attacks
The agent confirmed that his numbers only indicate the ransom amounts paid in Bitcoin. However, given that Bitcoin transfers made up the vast majority of ransomware payments, it was only fair that the lion’s share of the attention was given to them.His session entitled “Feds Fighting Ransomware: How the FBI Investigates and How You Can Help” provided an illustration of the efforts the FBI has taken, what it looks like, and how to address the growing problem of ransomware infections. It was also about their methods of investigating cases and how they could classify the outcome of a particular case as a “victory”.
The FBI agent said criminals would prefer to cash out their poorly received crypto loot through cryptocurrency exchanges or coin mixers. For these malicious actors, protecting their identity is as important as protecting their prey. He argues that although the 144 million payments were high, companies could afford the ransom payments because they were entitled to insurance coverage.”Nobody wants to pay the ransom actors. I think a lot of companies are insured now. They say, “Well, if we are hit by ransomware, we will only resist what our insurance company wants to do. You can say that it wasn’t your decision to pay the ransom, because as I said, nobody wants to pay the ransom. I think because ransom payments are insurable, I think it has resulted in more ransom payments being made, ”he added.
The Australian minister raises an alarm
Ransomware attacks are quite lucrative for crypto criminals, as most of them see it as a cheap and easy way to extort money – especially from large companies. However, the problem has grown far beyond the borders of the United States.Earlier this week, Tim Watts, Australia’s Deputy Shadow Minister for Cyber Security, published a devastating article in which he criticized the Australian government for a passive approach to dealing with the growing ransomware threat that the country is now facing.
As an indication of the growing importance of the threat, Emsisoft, a cyber security company based in New Zealand, has confirmed up to 2,874 ransomware attacks on private and public entities across Australia in 2019 with losses of approximately $ 1.Billion. In his post, Watts accused the government of showing a gross lack of leadership in addressing the problem, pointing out that the word “ransomware” has not been mentioned in the government led by Prime Minister Scott Morrison in two years.