Ransomware payments declined in 2024 despite massive. well-known hacks
1 min read
Summary
According to Chainalysis, ransomware payments fell 35% to $814m in 2024, with the second half of the year seeing a bigger drop than any other six-month period on record.
Law enforcement closures and disruptions have seriously impacted the criminal networks, with some of them dismantled altogether, according to Jackie Burns Koven, cyber threat intelligence lead at Chainalysis.
While overall payments are down, the threat remains high with the healthcare sector continuing to be heavily targeted, along with disruptive attacks on cloud providers, such as the attack on Amazon Web Services.
The US government has also strengthened its stance on ransomware, encouraging victims to pay higher ransoms to incentivise criminals to target easier, softer targets instead.
Crypto tracking technology is also making it easier to catch criminals, while ransoms are often paid in Bitcoin or other cryptocurrencies, making them easier to track and recover by authorities.
