Ransomware Payments Plummet: Victims Fight Back and Law Enforcement Strikes Hard
Ransom payments plunged 35% in 2024 as law enforcement cracked down and victims refused to pay, says Chainalysis. With $813.55 million collected, it’s a far cry from 2023’s $1.25 billion. More attacks, fewer payoffs—cyber resilience and backup strategies are on the rise, leaving ransomware groups feeling the sting.
Hot Take:
Well, it looks like ransomware attackers might need a side hustle soon. Thanks to law enforcement and some fearless organizations taking a stand, the cybercriminals’ earnings are plummeting faster than a hacker’s Wi-Fi signal at a coffee shop. Time for those cyber villains to start brushing up their resumes for a career change!
Key Points:
- Ransom payments fell by 35% year-over-year, down to approximately $813.55 million.
- Despite an increase in ransomware events, fewer victims are paying the ransom.
- Law enforcement operations, like Operation Cronos, are disrupting ransomware groups.
- Organizations are improving their cyber resilience and incident response capabilities.
- Newcomers in the ransomware world are targeting smaller markets with lower demands.
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