Source URL: https://it.slashdot.org/story/25/02/07/0049222/ransomware-payments-dropped-35-in-2024?utm_source=rss1.0mainlinkanon&utm_medium=feed
Source: Slashdot
Title: Ransomware Payments Dropped 35% In 2024
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Summary: The text outlines a significant decline in ransomware payments despite an increase in the frequency of attacks in 2024, highlighting the influence of law enforcement operations against major ransomware groups. It emphasizes the improved resilience of organizations against ransomware threats through better cybersecurity practices.
Detailed Description: The report from Chainalysis reveals contrasting trends in the ransomware landscape for 2024, suggesting that despite rising incident rates, organizations are adapting effectively. Key points include:
– **Decline in Payments**: Ransomware payments dropped sharply by 35% in 2024, totaling approximately $812.55 million, down from $1.25 billion in 2023.
– **Increase in Attacks**: Despite the decline in payments, the report indicates that the overall frequency of ransomware attacks has increased, suggesting a disconnect between attack occurrence and successful extortion.
– **Impact of Law Enforcement**: Operations conducted by agencies such as the UK’s National Crime Agency (NCA) and the FBI have significantly disrupted major groups like LockBit, leading to a reduction in their operations and, consequently, in ransom payments.
– **Ransomware Group Dynamics**: The disappearance of the ALPHV/BlackCat group after a significant attack also contributed to the drop in payments, indicating instability within ransomware groups.
– **Organizational Resilience**: More organizations are choosing not to pay ransoms, opting to enhance their cybersecurity measures and maintaining backups to recover from attacks instead.
– **Behavior of Ransomware Operators**: The report notes that operators are becoming more cautious, with many funds sitting inactive in wallets due to fears of law enforcement scrutiny.
The insights from this report are critical for security and compliance professionals as they highlight the effectiveness of law enforcement and improved organizational resilience against ransomware, signaling a possibly shifting landscape in the cybersecurity domain. The report underscores the importance of proactive cybersecurity strategies, investment in secure backup solutions, and a shift in organizational culture regarding ransom payment practices.