Over US$600mln of crypto paid to ransomware attackers for second year running

Over US$600mln worth of bitcoin and other cryptocurrency was extorted from companies in attacks last year, the second year running, according to new research.

In 2021, ransomware attacks led to at least US$602mln being paid to attackers, compared to US$692mln in 2020, a report from Chainalysis has revealed.

A ransomware attack is when hackers demand payment or otherwise they will cause disruption or delete files, usually after victims have unknowingly downloaded malicious software that prevents them from accessing files, systems or networks.