In a notable shift in the digital security landscape, Chainalysis reported a significant 35% decline in ransomware payments in 2024. This marked the first observed decrease since 2022, with total payments falling to $814 million, down from $1.25 billion in 2023. The report highlighted that fewer victims succumbed to hackers' demands despite an overall increase in the number of ransomware attacks throughout the year.
The ransomware scene in 2024 was characterized by cyber gangs demanding sums 53% higher than the actual payouts during the latter half of the year. This disparity suggested an increased resistance among victims, who chose not to negotiate with hackers, reflecting a growing defiance against cybercriminals.
Contributing to this decline was an uptick in law enforcement actions and disruptions of prominent ransomware groups, such as the LockBit gang. These efforts were bolstered by improved international collaborations, which played a crucial role in reducing ransomware payments. The concerted efforts of global authorities seem to have made a palpable impact on the cybersecurity front, discouraging victims from yielding to ransom demands.
Paradoxically, ransomware gang leak sites recorded more victim postings in 2024 than in previous years. This indicates that although attacks were more frequent, the success rate of extorting payments from victims diminished. The trend suggests a potential shift in the balance of power, with victims standing firm against cyber threats.
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