Ransomware’s Rollercoaster: 2023’s Peak and 2024’s Plunge Thanks to Law Enforcement
Ransomware activity hit a high in 2023 before cooling off in 2024 thanks to law enforcement actions against ALPHV/BlackCat and LockBit gangs. FinCEN’s report reveals organizations shelled out over $2.1 billion in ransom payments from 2022 to 2024. Bitcoin remains the top payment choice, but the joke’s on the ransomware gangs.
Hot Take:
Who knew playing cat and mouse with ransomware gangs could be so lucrative? These cyber villains cashed in more than a Hollywood blockbuster, but thanks to law enforcement, the sequel is looking less profitable. Move over, James Bond, there’s a new action hero in town, and it’s wearing a badge!
Key Points:
- Ransomware activity peaked in 2023 with 1,512 incidents and $1.1 billion in payments.
- 2024 saw a decrease to 1,476 incidents and $734 million in payments due to law enforcement actions.
- Manufacturing, financial services, and healthcare were the hardest hit industries.
- Bitcoin was the payment method of choice, accounting for 97% of transactions.
- Top ransomware gangs include ALPHV/BlackCat and LockBit, with Akira leading in incident reports.
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