Chainalysis: Ransomware payments down 50% in 2023

Blockchain
forensics
firm
Chainalysis
says
ransomware
attacks
involving
payments
decreased
by
46%
in
2023.

As
the

ransomware
market
becomes
increasingly
saturated
with
new
schemes
due
to
lower
barriers-to-entry,
executing
profitable
attacks
involving
crypto
payments
has
become
a
challenging
thing,
according
to
a
new

blog
report
from
Chainalysis.

The
blockchain
intelligence
firm
says
the
46%
drop
in
ransomware
payments
can
be
partly
attributed
to
“enhanced
cyber
resilience
among
organizations,”
adding
that
companies
now
possess
a
better
understanding
of
the
threats
they
face.

“[…]
the
availability
of
undisclosed
decryptors
from
public
and
private
sector
efforts,
such
as
those
for
the
Rhysida
strain,
and
major
law
enforcement
actions
like
the
Hive
intervention
have
reduced
the
need
for
ransom
payments
in
some
instances,
underscoring
the
value
of
reporting
incidents
to
law
enforcement.”

Chainalysis

Chainalysis
points
out
that
even
though
there
are
more
attacks,
fewer
people
are
paying
ransoms,
which
reflects
the
“growing
reluctance
of
victims
to
comply
with
the
demands
of
cybercriminals.”
Sanctions
and
more
organizations
refusing
to
fund
criminal
activities
have
also
made
paying
ransoms
seem
unacceptable
and
unnecessary,
the
firm
says.

“Continued
victim
reporting
and
collaboration
with
law
enforcement
can
provide
valuable
intelligence,
and
as
we’ve
seen
over
the
last
year,
and
potentially
provide
victims
with
a
decryptor
that
prevents
them
from
paying
the
ransom.”

Chainalysis

However,
challenges
still
persist
as
some
ransomware
strains
continue
to
evade
detection,
causing
significant
financial
losses.
For
instance,
the
Akira
Bitcoin
ransomware

caused
multi-million
dollar
losses
for
various
companies
and
organizations
in
North
America,
Europe,
and
Australia,
seizing
more
than
$42
million
and
affecting
over
250
companies
operating
computers
on
Windows
and
Linux
operating
systems,
according
to
a
recent
FBI
statement.