Security News > 2024 > January > Ransomware payments drop to record low as victims refuse to pay
The number of ransomware victims paying ransom demands has dropped to a record low of 29% in the final quarter of 2023, according to ransomware negotiation firm Coveware.
Not only have the number of victims paying ransomware dropped but also the dollar amounts of actual ransom payments.
Coveware says that ransom payments in Q4 2023 had an average amount of $568,705, a 33% drop from the previous quarter, while the median ransom payment was $200,000.
The median size of victimized organizations dropped in Q4 '23, reversing a trend that started in Q2 '22 when attackers anticipating a drop in payment rates opted to target larger companies for more significant payouts to make up the difference.
Focus on strategic measures to reduce the attractiveness and ease of ransom payments, thereby diminishing the viability of ransomware as a profitable attack method.
Ransomware victims targeted by fake hack-back offers.