HomeLatest FeedsTechnology NewsIn 2023, more than $1 billion was pocketed from ransomware

In 2023, more than $1 billion was pocketed from ransomware

Payments made by ransomware victims doubled in 2023 compared to the previous year, surpassing $1 billion this year.

Blockchain analytics firm Chainalysis has examined cryptocurrency wallets known to be used by cybercriminal groups to receive ransom payments. A total of 1.1 billion dollars were stolen from victims last year, compared to 557 million in 2022. It is worth noting that these amounts are estimates and may increase with each new cryptocurrency wallet. When the 2022 report was published, for example, Chainalysis identified only $457 million in ransom payments, but that number has since risen by $100 million. Based on traceable data, the 2021 payouts were $766 million, which currently stands at $983 million.

These numbers only show the actual payments, they do not include other damages caused to companies hit by the ransom.

According to the 2022 report, ransom payments decreased, which could be attributed to the increasing use of data backups, changes in cyber insurance policies and fear of sanctions violations, yet 2023 set a record. The frequency, scope and quantity of the attacks escalated significantly. The number of perpetrators and virus variants has also increased, with threat analysis company Recorded Future reporting 538 new ransomware. In addition, cybercriminals are making more money as they increasingly focus on the big game, targeting high-value companies from which they can demand larger ransoms.

Ransomware-as-a-service organizations receive most of the resources they need from ransomware operators, making it increasingly easy to carry out attacks. In addition, initial access brokers (IABs) have also made it easier for criminals to carry out data theft and file encryption attacks. “We found a correlation between the influx of IABs into wallets and spikes in ransomware payouts, suggesting that monitoring IABs can provide early warning signals and help intervene and mitigate attacks,” Chainalysis claimed. Criminals launder the money they earn on centralized cryptocurrency exchanges. However, this year also saw the introduction of new money laundering services, including bridges, instant currency exchanges and gambling services.

I am a tech enthusiast, cinema lover, and news follower. and i loved to be stay updated with the latest tech trends and developments. With a passion for cyber security, I continuously seeks new knowledge and enjoys learning new things.


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