Ransomware payments hit $1bn for the first time | #ransomware | #cybercrime

In its 2024 Crypto Crime Report, blockchain analysis firm Chainalysis says that ransomware made a major comeback in 2023, with record-breaking payments and a substantial increase in the scope and complexity of attacks. It calls this a “significant reversal” on the decline observed in 2022, and warns that the $1bn figure is a “conservative” estimate.

“The ransomware landscape is not only prolific but continually expanding, making it challenging to monitor every incident or trace all ransom payments made in cryptocurrencies,” the report says.

Ransomware gangs intensified their operations in 2023, targeting high-profile institutions and critical infrastructure including hospitals, schools and government agencies. Major attacks especially exploited MOVEit file transfer software, which is popular around the world, with most customers being in the US.

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