Less than half of ransomware incidents end in payment – but you should still be on your guard
Posted by:
Olivia Smith
In 2024, the amount of money paid to ransomware attacks reportedly decreased to $813.55 million from over $1.2 billion in the previous year, according to a report by ChainAnalysis. Despite the increase in ransomware attacks, the revenue received by attackers declined by 35%, suggesting a shift in the trend of ransom payments. The decrease in ransom payments is attributed to evolving cybersecurity tactics that provide alternatives to paying ransoms blindly.
Authorities like the UK government have proposed new guidelines to combat ransomware, including a ban on ransom payments for public services to discourage criminals. Research indicates that only about 7% of victims who pay the ransom fully recover their data, highlighting the risks involved in complying with attackers’ demands. As firms and security teams continue to enhance their defense mechanisms, the fight against ransomware is expected to improve.
Jacqueline Burns Koven, Head of Cyber Threat Intelligence at Chainalysis, noted the significant decline in ransom payments in 2024, attributing it to law enforcement actions, global collaboration, and a growing resistance by victims to meet attackers’ demands. The evolving landscape of cybersecurity underscores the need for ongoing vigilance and adaptation to combat the ever-changing threats in the digital realm.
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