Tuesday, August 16, 2022

North America is the biggest target of ransomware attackers.

The Takeaway:

According to a new report, North America has been extorted for the most money by ransomware attackers of any region.

North America has been extorted for the most money by ransomware attackers of any region — and the groups targeting it tend to be associated with Russia-based cybercriminal groups. Users in the region paid $131 million in cryptocurrency to ransomware attackers between July 2020 and June 2021, according to a report from Chainalysis Inc., a crypto-forensics firm. That’s more than double the amount sent from Western Europe, which paid the second-most, Bloomberg reported


North American firms faced several ransomware attacks.

Ransomware strains that took the most from North American victims during the time period studied include NetWalker, Egregor, Phoenix Cryptolocker, and Doppelpaymer,” Chainalysis said, adding that all of the groups “are associated with Russia-based cybercriminal groups including Evil Corp., which has been previously linked to the Russian government.” While Ransomware attacks have been growing for years, they have drawn particular attention this year as several high-profile incidents have disrupted supply chains. However, the Biden administration is planning to enlist 30 other countries to join forces in the fight against ransomware and other kinds of cybercrime, including the illegal use of cryptocurrency, as reported earlier this month.


A ransomware attack wiped out the output of JBS SA.

An attack on the largest global meat producer, JBS SA, wiped out the output from facilities that supplied almost a quarter of American beef supplies. And in May, Colonial Pipeline Co. paid $4.4 million to a Russia-linked ransomware gang. A report released in April by a ransomware task force said the amount paid by victims increased by 311% in 2020, reaching nearly $350 million in cryptocurrency. “The number of bad actors responsible for these widespread attacks is surprisingly small,” the report said. By taking action against the biggest players in groups such as infrastructure providers and money launderers, it said, “law enforcement can have an outsized impact and disrupt the operations of multiple strains.” 

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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