Ransomware Racket Takes a Hit: Fewer Victims Paying Up in 2024
Ransomware extortion payments fell in 2024, despite an increase in attacks, with victims paying just $813.55 million compared to 2023’s $1.25 billion. Chainalysis data suggests more targets but fewer payments, likely due to improved recovery strategies and crackdowns on cryptocurrency obfuscation, making the ransomware business riskier.
Hot Take:
Ransomware gangs may have tried to turn 2024 into their personal crime fest, but it seems like their extortion game is losing its sparkle. Perhaps their crypto wallets are becoming as empty as their moral compasses. On the bright side, victims are finally saying “no thanks” to these digital ransom notes. Who knew that refusing to pay could be the hottest trend of the year?
Key Points:
- Ransomware extortion payments fell to $813.55 million in 2024 from $1.25 billion in 2023.
- Although attacks increased, fewer victims are paying ransoms.
- High-profile ransomware groups like LockBit and BlackCat were temporarily disrupted but have resumed attacks.
- Organizations are increasingly relying on secure backups rather than paying ransoms.
- Governments and insurers are discouraging ransom payments, making the business riskier for cybercriminals.
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