Ransomware Sprawl: FBI Finds Over 100 Variants to be Active

Double extortion tactic raises the risk

• The FBI explains that the ransomware threat is not new but the criminals have enhanced the capabilities to increase the scale, impact, and prevalence of such attacks.
• One such prominent tactic observed is the rise in the ‘double extortion’ trend; the FBI revealed that the tactic is raising the stakes for victims, which in turn has increased the likelihood of ransom payments being made.
• Simultaneously, there is also a rise in ransomware-as-a-service in which a developer sells or leases the ransomware tools to their criminal customers.

What is the loss incurred?

• The double extortion method has cost victims $45 million, so far, in 2021.
• Conti ransomware group, alone, has received nearly $13 million in total. The group primarily targeted organizations such as hospitals, and law enforcement agencies.
• The second most payments were taken by REvil/Sodinokibi group which extorted $12.13 million.
• The DarkSide ransomware earned a profit of $4.67 in ransom out of their victims in 2021.
• These ransom payments are typically requested in the form of a virtual currency, like Bitcoin.

Ransomware continues its record-shattering run

• In a year driven by anxiety and uncertainty, ransomware attackers have already pegged around 304.7 million attacks globally in just the first six months of 2021.
• This indicates a staggering rise of 151% when compared to the same time period in 2020. 
• The top five countries impacted include the U.S., the U.K., Germany, South Africa, and Brazil.

Latest initiatives

• The U.S. government has a new website ‘StopRansomware.gov’ to help defenders learn about, defend against, and respond to ransomware attacks.
• In another move, the Treasury Department’s Financial Crimes Enforcement Network will work with banks, technology companies, and others on better anti-money laundering efforts to rapidly trace ransomware proceeds.

Final words