Particle.news
Download on the App Store
6 ARTICLES
·
last yr.

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.

Overview

  • 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.