Ransomware hackers are ‘earning' big money

The number of ransomware attacks worldwide last year rose by more than 60 per cent to 305 million.

Approximately 24 gangs control the market, earning $18 billion in ransom money last year.

The Colonial Pipeline hack earlier this month, carried out by a Russian-based gang called DarkSide, according to experts could have been far more severe had US authorities not targeted the infrastructure of the hackers.

With few options for prosecution, it is expected the US government would wait to go aggressively after the perpetrators of the Colorado hack.

Someone familiar with the US government’s approach said: “It’s 10 or 15 young guys or girls who party a lot and want loads of money.

“You don’t go after them in Russia, you go after them when they go on vacation in Greece."