Ransomware payments plunge after law enforcement actions
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Ransomware gangs didn't profit last year as much as they usually do, according to new Chainalysis data.
Why it matters: Cybercrime follows the money, and if criminals are seeing losses, they're likely to abandon their quests.
By the numbers: Ransomware victims paid attackers roughly $813.55 million in cryptocurrency in 2024 — a 35% drop from 2023's record-setting $1.25 billion.
- The second half of 2024 saw an even sharper slowdown, with ransomware payment totals declining after July.
The big picture: Law enforcement disrupted the operations of several notable ransomware gangs in recent years, including LockBit and BlackCat, which experts say contributed to the decline in the number of payments.
Between the lines: Many ransomware victims pay only if they lack data backups or fear data leaks.
- The widening gap between ransom demands and actual payments suggests victims are increasingly refusing to pay, possibly due to better backups and improved cybersecurity hygiene, per Chainalysis.
The intrigue: Chainalysis initially expected 2024's ransomware payments to surpass 2023's total after a strong start to the year.
Yes, but: Despite the decline in payments, the number of reported ransomware incidents on dark-web leak sites hit an all-time high, according to the report.
- This could suggest that while attackers are targeting more victims, fewer are giving in to ransom demands.
Go deeper: How a ransomware attack works
