US Treasury Reports Ransomware Payments Surpass $4.5 Billion, Highlighting Cybersecurity Challenges
The US Treasury's Financial Crimes Enforcement Network (FinCEN) has reported that ransomware payments have exceeded $4.5 billion by the end of 2024, with the highest levels recorded in 2023. The Financial Trend Analysis report indicates that over $2.1 billion was paid to ransomware groups between 2022 and 2024, with $1.1 billion in 2023 alone. The report highlights that 10,470 Bank Secrecy Act reports related to ransomware incidents were filed between 2013 and 2024, with the majority occurring between 2022 and 2023. The most affected sectors include financial services, manufacturing, and healthcare. The report also notes that the Tor network is the preferred communication method for threat actors, and Bitcoin is the favored payment method. 
