Security News > 2024 > May > Ransomware operations are becoming less profitable

As the number of real victims of ransomware gangs continues to rise, the number of ransomware payments is falling, along with the average ransom payment.

"Despite the surge in attacks in 2023, ransomware attacks involving payments decreased by 46%, according to our data," says blockchain analysis firm Chainalysis.

As we wait for international law enforcement to reveal additional information about actions taken against the LockBit ransomware gang, Chainalysis has outlined other effects of the recent law enforcement victories against that and other cybercriminal groups.

According to them, the 2023 Qakbot botnet disruption has had a short-lived effect: the takedown affected the peddlers of that specific malware, but ransomware groups found alternatives for delivering the ransomware to intended targets.

"BlackCat's exit marks a major disruption in the ransomware payment ecosystem, as the group was capturing over 30% of all ransomware payments before the exit scam," Chainalysis' analysts noted.

Concerted and consistent efforts by private sector organizations and law enforcement are essential for minimizing the threat of ransomware.

News URL

https://www.helpnetsecurity.com/2024/05/07/ransomware-payments-falling/