FBI Draws Parallels Between Ransomware Investigation and 9/11 Attacks: WSJ - Global X Cybersecurity ETF (NASDAQ:BUG), First Trust NASDAQ Cybersecurity ETF (NASDAQ:CIBR)

FBI Director Christopher Wray disclosed the agency’s investigation on 100 different types of ransomware, including those tracing to Russian links, and drew parallels with the challenges of Sept. 11, 2001, terrorist attacks, the Wall Street Journal reports.
“There are a lot of parallels, there’s a lot of importance, and a lot of focus by us on disruption and prevention. There’s a shared responsibility, not just across government agencies but across the private sector and even the average American,” Mr. Wray told WSJ.
Each of 100 different malicious software variants was responsible for multiple U.S. ransomware attacks.
This week, hackers disrupted JBS S.A. meat processor’s North American and Australian operations, just weeks after the U.S. gasoline pipeline Colonial Pipeline’s ransomware cyberattack, which crippled fuel delivery for several days in the U.S. Southeast, Reuters reports.
Colonial Pipeline paid $4.4 million to its hackers to regain control of its operations and restore service.
Both the attacks were attributed to Russia. The ransomware incidents had reportedly tripled in 2020.
President Joe Biden recently prioritized cybersecurity funding. Biden will also discuss the issue with Russian President Vladimir Putin at a June 16 Geneva meet.
Wray singled out Russia for fanning the growth of criminal ransomware gangs in Eastern Europe.
A senior Justice Department official had issued a memorandum urging for the synchronization of the ransomware investigations with a specially created task force.

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