Ransomware Payments Reached Record $1.1 billion in 2023

In 2023, ransomware payments soared to a record $1.1 billion, reversing the declining trend in 2022. According to researchers from Chainalysis, this trend is likely attributed to the escalating attacks against major institutions and critical infrastructure and Clop's massive MOVEit campaign, which compromised dozens of organizations across the globe. Notably, groups like ALPHV/BlackCat, Play, LockBit, BlackBasta, Royal, and Ransomhouse were also actively compromising victims. Based on metrics collected by Chainalysis, ransomware groups are changing their strategy to counter a decline in victims willing to pay ransom demands by going after larger corporations and companies that have the capital and are likely to pay larger sums of ransom.

Security Officer Comments:
While the number of victims opting to pay cyber criminals has declined in the last couple of years, actors are finding ways to remain more profitable than ever before. In particular underground exchanges, instant exchangers, and platforms that do not have know-your-customer (KYC) requirements have enabled ransomware actors to easily launder funds from victims. Despite law enforcement efforts to combat these rogue exchanges and mixers, actors are always finding alternative methods to launder funds.