A new report reveals a dramatic drop in ransomware payments but warns a core group of attackers remains ‘highly concentrated’.
The latest Crypto Crime Report by Chainalysis says that in 2022, total ransomware revenue fell to its lowest in three years. And while attackers still received at least US$456.8 million, this represents a huge 40.3% drop from their ransomware earnings in 2021, which amounted to US$765.6 million.
But the report stresses that the drop in payments does not necessarily mean there has been a drop in attacks, with evidence suggesting that the decline in attacker revenues is due to victims’ increasing unwillingness to pay ransom demands rather than a drop in the actual number of attacks.
“This reluctance can be attributed to a number of factors, ranging from more widespread utilisation of solutions such as backup and recovery that mitigate the impact of attacks, to a fear of running afoul of government regulations that prohibit the payment of ransoms to organisations that are potentially affiliated with sanctioned nations and groups,” said Kim Grauer, Director of Research, Chainalysis.
Though perception suggests the ransomware world is crowded for criminal organisations, Grauer says the actual number of individuals who make up the ransomware ecosystem is ‘likely quite small’ as analysis identifies a highly concentrated core group of malicious actors.Click below to share this article