Preventing attacks of this magnitude and sophistication clearly requires coordinated action by governments across the globe. By value, FinCen concluded that "If current trends continue, SARs filed in 2021 are projected to have a higher ransomware-related transaction value than SARs filed in the previous 10 years combined." The total value of suspected ransomware-related payments reported for the first six months of 2021 was $590 million, topping the total value for 2020 by 40 percent.īack-of the-envelope extrapolation: the number of ransomware incidents reported on SARs for 2021 are on track to be something like two-and-a-half times the number of incidents reported in 2020.The number of ransomware-related Suspicious Activity Reports (SARs) for the first six months of 2021 (635) exceeds the total number of such reports for all 12 months of 2020 by 30 percent.The growth in reported ransomware payments in the first half of this year is staggering: Now, from the Financial Crimes Enforcement Network (FinCEN) come the numbers to drive home the point. For my part, I worried that a ransomware attack on the Martha's Vineyard Ferry would derail a planned visit to the island. Perhaps you lost treasured family photos and important financial records. Maybe your child's school canceled remote learning for a few days. My friend's local government was unable to issue building permits or accept payments. My Atlanta Fed colleagues queued for gasoline in the aftermath of the Colonial pipeline breach in May.
Anecdotally, many of us have felt the profound impact of ransomware.
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