Ransomware Payments Surge to Record $1.1 Billion in 2023

Despite increased efforts to combat ransomware, cybercriminals doubled their earnings from ransom attacks last year, exploiting vulnerabilities in institutions worldwide.

Ransomware payments exceeded $1.1 billion in 2023, marking the highest amount recorded in a single year and nearly doubling from the previous year.
The spike in ransomware attacks, totaling 4,399 incidents in 2023, contributed significantly to the increase in ransom payments despite a decrease in the percentage of victims paying ransoms.
Chainalysis attributes the record-breaking total to a rise in the number of attacks and ransomware hackers demanding larger sums, with 75% of payments exceeding $1 million.
The Cl0p ransomware group exploited a vulnerability in the MOVEit file transfer application, affecting at least 62 million people and accounting for a significant portion of the total ransom payments.
Efforts to combat ransomware, including law enforcement crackdowns and sanctions, have intensified, but the problem continues to grow, with cybercriminals finding new ways to evade detection and launder their profits.