Feds Warn Banks of Rising Ransomware Tide

The U.S. Federal Financial Institutions Examination Council (FFIEC) is warning banks about the growing number of ransomware cyberattacks. Essentially, these cyberattacks, which have grown 127 percent in the past year, take control of a network or computer system and block access to files, programs and operations by encrypting the files. Then, a message will display on the breached computers which demands a fee for the files to be returned. According to Easy Solutions, “bank-focused ransomware screens often attempt to trick the victims into thinking that the attack is the result of an official government sanction, using images such as the official crest of the FBI, Department of Homeland Security, or local police department to demand that a “fine” is paid for noncompliance or some other relevant transgression.” However, the “fine” is thought to go to the authorities but instead, goes to an untraceable bank account. While the ransom demands usually range from $100-$300, industry analysts estimate that some “fines” exceed $5,000, which can make cybercriminals as much as $400,000 per month.