The Financial Crimes Enforcement Network said ransomware incidents totaled more than $2.1 billion in payments between 2022 and 2024.
Details: FinCEN said reported ransomware incidents and payments reached their highest level in 2023 with 1,512 incidents totaling $1.1 billion in payments—an increase of 77% in payments from 2022 to 2023. The median amount of a single ransomware transaction was $124,097 in 2022, $175,000 in 2023, and $155,257 in 2024.
Background: A recent Independent Banker article details how ransomware, in which criminals use malware to gum up an organization’s operating system and then demand money to unstick things, remains a significant issue.
ICBA Resource: ICBA offers tabletop exercises in partnership with government agencies to help community banks prepare and mitigate ransomware attempts.