Banks should prepare to spend big on cyberdefenses as ransomware payments reach record levels

US banks and financial institutions spent almost $1.2 billion in ransomware-related payments in 2021—almost triple the previous year.

The news: US banks and financial institutions spent almost $1.2 billion in ransomware-related payments in 2021—almost triple the previous year, according to the US Treasury Department.

Cyberattackers target Wall Street: The Treasury’s Financial Crimes Enforcement Network (FinCEN) said in a new report that ransomware posed a “significant threat” to banks.

• The number and total value of ransomware-related payments reached record levels and far exceeded that of any previous year, per the report.
• The increase was blamed on a mix of more ransomware attacks and improved reporting.