• About
  • Privacy Policy
  • Contact
Tech Newsday
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News
No Result
View All Result
Tech Newsday
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News
No Result
View All Result
Tech Newsday
No Result
View All Result
Home Security

Nearly $700 Million Paid To Ransomware Gangs In 2020 

TND News Desk by TND News Desk
February 22, 2022
in Security
0 0
0

Ransomware victims paid nearly $700 million to their attackers in 2020, according to a new report from blockchain analysis firm Chainalysis.

The updated figures for 2020 show that more than $692 million were spent on ransomware payments for this year. For 2021, over $602 million ransomware payments have already been tracked, but experts believe that the actual numbers are much higher.

“In fact, despite these numbers, anecdotal evidence, plus the fact that ransomware revenue in the first half of 2021 exceeded that of the first half of 2020, suggests to us that 2021 will eventually be revealed to have been an even bigger year for ransomware,” Chainalysis said.

The report also ranked the most prolific ransomware gangs by total payments received, with Conti topping the list with at least $180 million in ransoms.

In addition, Chainalysis reports that 2021 also saw more active individual ransomware strains than any other year in history. Their data show that at least 140 ransomware strains received payments from victims last year. This number was 119 in 2020 and 79 in 2019.

The researchers also highlighted the phenomenon of ransomware groups shutting down, only to return to their operations with new names. This is an explanation for the growth of ransomware strains. The average number of days a ransomware strain remained in operation in 2021 was 60, far lower than the 168 days in 2020 and 378 in 2019.

Chainalysis also detailed that one ransomware group – Evil Corp – had some amount of ties to the Doppelpaymer, Bitpaymer, WastedLocker, Hades, Phoenix Cryptolocker, Grief, Macaw, and PayloadBIN ransomware groups. The researchers were able to connect some of the ransomware groups via their cryptocurrency transaction histories.

The company predicts that Evil Corp. will earn at least $85 million from operating its various ransomware strains.

In addition, more ransomware groups are now eyeing larger and more profitable organizations. According to data from Chainalysis, the average ransomware payment size grew to over $118,000 in 2021, up from $88,000 in 2020 and $25,000 in 2019.

For more information read the original story in ZDNet.

Subscribe

About Tech News Day

In just 10 minutes you will have all your leadership tech news needs covered. Our Editors browse the top tech news sites for you, get rid of the fluff and post summaries of the best. Our content is created by trained professionals and enhanced for IT leaders using leading edge artificial intelligence.

About

Tech Newsday

Tech News Day picks the new, most relevant tech stories.

Our selection is done by industry professionals – executives like you who pick the top stories for that day. Our writers summarize these to give you a quick summary and the key takeaways.

SUBSCRIBE

Categories

  • Artificial Intelligence
  • Auto Tech
  • Blockchain
  • Careers & Education
  • Channel Strategy
  • Cloud
  • Communications & Telecom
  • Companies
  • Data & Ananytics
  • Development
  • Digital Transformation
  • Distribution
  • Diversity & Inclusion
  • eCommerce
  • Emerging Tech
  • End User Hardware
  • Engineering
  • Financial
  • Future of Work
  • Governance
  • Government & Public Sector
  • Human Resources
  • Infrastructure
  • IoT
  • Leadership
  • Legal
  • Legislation & Regulation
  • Managed Services & Outsourcing
  • Marketing
  • Mobility
  • Open Source
  • Operations
  • People
  • Podcasts
  • Privacy
  • Security
  • Service
  • SMB
  • Social Networks
  • Software
  • Supply Chain
  • Today's News
  • Top Stories This Week
  • Women in Tech
  • Home
  • Today’s News
  • About
  • Privacy
  • Contact

2022 Tech News Day

No Result
View All Result
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News

2022 Tech News Day

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Why are you leaving?

About Tech News Day

Tech News Day is a daily publication featuring key daily news stories about technology and how it affects businesses. We know that you are busy and that there’s a lot of information coming at you. While there are lots of programs that will curate based on what you have already read or followed, Tech News Day picks the new stories that we feel are most relevant.

Our selection is done by industry professionals – executives like you who pick the top stories for that day. Our writers summarize these to give you a quick summary and the key takeaways. If you want to do a deeper dive and get even more information, we provide a link to at least one of the longer stories from one of our sources (we are often following stories from more than one source).

We also have a daily podcast, published each morning so that you can get the news stories of the day from wherever you get your podcasts.

We hope you find this to be useful to you in keeping up to date in these challenging times. We love your input and opinions. You can use our feedback widget to rate individual stories or you can write us at NewsDesk@technewsday.com.

Click Here

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00