Chainalysis says ransomware payments reduced by 40% in 2022

Share post:

According to a new report by blockchain forensics firm Chainalysis, ransomware payments are down 40.58% as more victims refuse to pay ransoms.

According to the report, ransomware attackers extorted at least $456.8 million in 2022, up from $765.6 million the previous year. The report also admitted that “the true totals are much higher” due to unidentified cryptocurrency addresses.

However, Chainalysis argued that ransomware payments are down not only because fewer victims are paying the ransom, but also because fewer attacks are occurring.

According to the report, this trend is likely due to a combination of factors, including increased victim awareness of the risks associated with paying ransoms, as well as more effective ransomware response and recovery strategies implemented by organizations.

The report also mentions that some victims prefer to negotiate with cybercriminals or seek expert assistance instead of paying the ransom. Furthermore, law enforcement has been successful in disrupting cybercriminal operations and seizing their assets, which has likely contributed to the drop in ransom payments.

Additionally, increased awareness of the risks of paying ransoms, as well as more effective ransomware response and recovery strategies implemented by organizations, have contributed to the decrease.

The sources for this piece include an article in BBC.


Related articles

Security research team claims to have helped avert a major supply chain attack

JFrog Security Research team continuously scans public repositories such as Docker Hub, NPM, and PyPI to identify malicious...

Phishing attacks on state and local governments surge by 360%

Phishing attacks targeting state and local governments have surged by 360% between May 2023 and May 2024, according...

What is Ticketmaster saying to its customers?

Here's the letter that has been sent out out to Ticketmaster clients that a reader sent to me....

Cyber Security Today, July 8, 2024 – New ransomware group discovered, and summer podcast break starts

A new ransomware group is discovered. Welcome to Cyber Security Today. It's Monday July 8th, 2024. I'm Howard Solomon,...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways