Ransomware the guardian
Ransomware attacks remain sophisticated, but the number of victims refusing to comply with hackers' demands has increased. Photo: The Guardian

Cryptocurrency analytics firm Chainalysis has just released a report showing that by 2024, despite the increasing number of ransomware victims, fewer and fewer people will agree to compromise with hackers.

Accordingly, payments decreased by 35% to 814 million USD compared to the record level of 1.25 billion USD in 2023.

In the second half of 2024, the amount that cybercriminal gangs demanded from victims was 53% higher than the actual payment.

The amount paid by victims in 2024 is also lower than the $999 million and $1.1 billion recorded in 2020 and 2019, respectively. In ransomware attacks, criminals infiltrate a victim’s IT system, steal data, encrypt files, and then demand a ransom – usually in Bitcoin – to decrypt and return the data.

Jacqueline Burns Koven, director of cyber threat intelligence at Chainalysis, said the new data suggests the “ransomware apocalypse” has been averted.

It reflects the effectiveness of law enforcement actions, coordination between international organizations and the growing number of victims who “say no” to hackers.

Still, Burns Koven said the downward trend in ransoms is “fragile” and ransomware attacks remain sophisticated.

According to one expert, the February 2024 international operation to take down the cybercrime organization LockBit appeared to have a major impact, as did the collapse of another gang, BlackCat/ALPHV.

Additionally, new players in the criminal ecosystem tend to focus on the small and medium-sized market, resulting in more modest ransom amounts.

(According to The Guardian)