The year 2024 saw a significant decrease in ransomware payments, marking the first revenue decline since 2022.
Reduction in Ransom Revenues
According to a Chainalysis report, ransomware payments in 2024 decreased by nearly 35% compared to the previous year, totaling approximately $815 million. In 2023, this figure was $1.25 billion, the highest recorded so far. The decline was attributed to increased law enforcement actions, improved international collaboration, and victims' growing refusal to pay.
Changes in Attacker Tactics
In response to decreasing payments, attackers are altering their tactics by using new code repositories for attacks and initiating extortive negotiations quickly, often within hours of the attack. Chainalysis highlights that attackers range from nation-states to independent cybercriminals.
Decline in Crypto Exploits
The reduction in ransomware payments reflects an overall decrease in cryptocurrency exploits during 2024. Losses from hacks and scams tapered off towards the year's end, with December registering the smallest stolen amount of $28.6 million, compared to $63.8 million in November.
The decline in ransomware payments in 2024 signifies major strides in international cooperation and law enforcement efforts. However, criminals continue to adapt, demanding ongoing enhancements in security measures.
