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Cybercriminals targeting victims with ransomware attacks saw their profits skyrocket in 2023, raking in a staggering $1.1 billion according to a new report by blockchain analysis firm Chainalysis. This figure is almost double of the $567 million taken in 2022, highlighting how big and serious cybercrimes have become.
The report, titled “Ransomware 2024,” paints a concerning picture of how ransomware gangs are adapting and thriving despite ongoing efforts to combat them.While the number of victims paying ransoms appears to have decreased, hackers are seemingly compensating by demanding higher individual payments. According to the report, several factors likely contributed to the decrease in ransomware activities in 2022, including geopolitical events like the Russian-Ukrainian conflict. “This conflict not only disrupted the operations of some cyber actors but also shifted their focus from financial gain to politically motivated cyberattacks aimed at espionage and destruction,” noted the report.
The ransomware landscape is not only prolific but continually expanding, making it challenging to monitor every incident or trace all ransom payments made in cryptocurrencies, noted the report. Hackers primarily receive ransoms in cryptocurrencies like Bitcoin, making them difficult to track and trace. The Chainalysis report analysed blockchain data to track these payments, revealing the significant increase in 2023.
Furthermore, ransomware-as-a-Service (RaaS) model seems to be thriving. This model allows less technical criminals to rent access to pre-built ransomware tools and infrastructure, further democratising cybercrime and contributing to the surge in attacks.
Experts warn that the ransomware threat is unlikely to subside in 2024. Governments and organisations are urged to prioritise cybersecurity measures, including data backups, employee training, and robust security protocols. Law enforcement agencies are also actively collaborating to disrupt ransomware operations and bring perpetrators to justice.
The report, titled “Ransomware 2024,” paints a concerning picture of how ransomware gangs are adapting and thriving despite ongoing efforts to combat them.While the number of victims paying ransoms appears to have decreased, hackers are seemingly compensating by demanding higher individual payments. According to the report, several factors likely contributed to the decrease in ransomware activities in 2022, including geopolitical events like the Russian-Ukrainian conflict. “This conflict not only disrupted the operations of some cyber actors but also shifted their focus from financial gain to politically motivated cyberattacks aimed at espionage and destruction,” noted the report.
The ransomware landscape is not only prolific but continually expanding, making it challenging to monitor every incident or trace all ransom payments made in cryptocurrencies, noted the report. Hackers primarily receive ransoms in cryptocurrencies like Bitcoin, making them difficult to track and trace. The Chainalysis report analysed blockchain data to track these payments, revealing the significant increase in 2023.
Furthermore, ransomware-as-a-Service (RaaS) model seems to be thriving. This model allows less technical criminals to rent access to pre-built ransomware tools and infrastructure, further democratising cybercrime and contributing to the surge in attacks.
Experts warn that the ransomware threat is unlikely to subside in 2024. Governments and organisations are urged to prioritise cybersecurity measures, including data backups, employee training, and robust security protocols. Law enforcement agencies are also actively collaborating to disrupt ransomware operations and bring perpetrators to justice.
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