Ransomware Payments In 2023 Hit $1 Billion: Chainalysis
Security Boulevard, Thursday, February 8th, 2024
Ransomware gangs raked in more than $1 billion in ransom payments last year as they exploited security flaws - particularly the vulnerability in the MOVEit file transfer software - and grew their focus on hospitals, schools, and other critical infrastructure.
'2023 marks a major comeback for ransomware, with record-breaking payments and a substantial increase in the scope and complexity of attacks - a significant reversal from the decline observed in 2022,' researchers with Chainalysis wrote in a report this week. 'Although 2022 saw a decline in ransomware payment volume, the overall trend line from 2019 to 2023 indicates that ransomware is an escalating problem.'
The report from the blockchain analysis firm echoes themes of the growing number and sophistication of ransomware attacks other cybersecurity vendors saw in 2023. Unit 42, Palo Alto Networks' threat intelligence arm, said in a report this week that the number of victims reported on ransomware leak site in 2023 jumped 49% year-over-year and that at least two dozen new groups emerged, driven by the amount of money to be had.