WASHINGTON — The number and sophistication of ransomware attacks against U.S. interests continue to increase.
According to the Wall Street Journal, victims sent at least $692 million in cryptocurrency to virtual wallets affiliated with such hackers in 2020, according to the data-analytics firm Chainalysis Inc.
Research documented 67 attacks in 2021 that cost more than $3.5 billion in total.
"This is no longer sort of asking that you drop a bag of money at a designated location. The use of cryptocurrencies has been significantly on the rise," said Rep Elissa Slotkin (D-Michigan).
Federal government experts told lawmakers at a virtual meeting of the House Homeland Security Intelligence and Counterterrorism Subcommittee Tuesday that everyone, from the smallest mom and pop company and local government agency to the largest corporations, is vulnerable.
"Ransomware attackers are quite vigilant and they are looking for businesses and services they know will want to pay," said Iranga Kahangama, Assistant Secretary for Cyber, Infrastructure, Risk and Resilience, Office of Strategy, Policy, and Plans for the U.S. Department of Homeland Security.
"No matter how big a organization you are, the smallest cyber vulnerability can be quite damaging. Often, the cost of cleaning up the attack can be more expensive than paying the ransom itself."
According to the FBI, the best way to avoid being exposed to ransomware—or any type of malware—is to be a cautious and conscientious computer user.