Despite Catastrophic Hacks, Ransomware Payments Dropped Dramatically Last Year
1 min read
Summary
Ransomware attacks fell 35% in 2024 compared to the previous year according to data from Chainalysis, with overall payments made by victims decreasing by $410m, although the number of attacks themselves only fell slightly.
The cryptocurrency tracing firm said law enforcement operations and the disruption of ransomware groups were the main causes for the drop, along with better defences put in place by businesses and organisations.
Other factors included a better understanding of the threat, along with regulation and law enforcement cracking down on money laundering operations, all of which combined to make it harder for the ransomware gangs to operate.
However, Chainalysis said the decline was no guarantee that attacks would continue to fall in the future.