Security News > 2024 > February > Ransomware payments reached record $1.1 billion in 2023
Ransomware payments in 2023 soared above $1.1 billion for the first time, shattering previous records and reversing the decline seen in 2022, marking the year as an exceptionally profitable period for ransomware gangs.
The previous record-high figure was set in 2021, with ransomware payments amounting to $983 million, surpassing the preceding record of $905 million in 2020 by approximately 10%. Unfortunately, the resurgence of ransomware in 2023 confirms that 2022 was a statistical anomaly, with that year's activity impacted by geopolitical events like the war between Russia and Ukraine and law enforcement's dismantling of the Hive operation.
In July 2023, Chainalysis warned that based on the activity and recorded payments up until that time, ransomware payments were on a record-breaking trajectory, and unfortunately, the prediction was confirmed.
Ransomware groups are adapting to a decline in ransom payments by shifting towards "Big game hunting," which is the tactic of targeting very large companies who are more likely to pay large ransom demands rather than targeting many smaller companies for a higher number of small ransom payments.
Overall, 2023 has been a good year for ransomware gangs despite attempts from law enforcement to disrupt their operations.
Ransomware payments drop to record low as victims refuse to pay.