WASHINGTON, June 23 (Reuters) - FBI Director Chris Wray on Wednesday pleaded with public companies and other hacking victims to avoid paying ransom, s

FBI Director Wray urges companies to stop paying ransoms to hackers

submited by

Style Pass

2021-06-25 11:30:09

WASHINGTON, June 23 (Reuters) - FBI Director Chris Wray on Wednesday pleaded with public companies and other hacking victims to avoid paying ransom, saying he fears it will only embolden cyber criminals to ramp up future attacks.

"In general, we would discourage paying the ransom because it encourages more of these attacks, and frankly, there is no guarantee whatsoever that you are going to get your data back," Wray testified before a U.S. Senate appropriations panel.

The Justice Department has disclosed it managed to help the Colonial Pipeline Co recover some $2.3 million in cryptocurrency ransom it paid to hackers - an attack that led to widespread shortages at gas stations on the East Coast.

The FBI was able to recover those funds because it had a private key that it was able to use to unlock a bitcoin wallet holding most of the money. It was unclear how the FBI managed to access the key.

Bitcoin seizures by the federal government are relatively uncommon, but authorities have been stepping up their expertise in tracking the flow of digital money.