Ransomware Revenue Plummets 40.58%, Organizations Standing Up to Criminals21. January 2023
• According to an annual report from on-chain analytics firm Chainalysis, the revenue of ransomware attacks fell by 40.58% in 2022.
• The total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021.
• This decline is attributed to organizations increasingly refusing to pay ransomware attackers rather than hackers limiting their efforts to target victims.
As the crypto industry continues to mature and gain traction among investors, it is also becoming increasingly attractive to cybercriminals and hackers looking to make a quick buck. The growing number of ransomware attacks and money laundering activities has put financial watchdogs on alert and pushed them to regulate the industry more tightly.
A recent annual report from on-chain analytics firm Chainalysis reveals that the revenue from ransomware attacks has seen a significant decrease in 2022. Specifically, the total funds from ransomware that hackers received from victims plunged from $765.6 million in 2021 to $456 million in 2022, a decline of 40.58%. However, Chainalysis cautions that this number could be even higher as not all addresses linked to attacks have been identified.
The decline in ransomware revenue can be attributed to organizations increasingly standing up to criminals and refusing to pay them, rather than hackers limiting their efforts to target victims. This is largely due to the increased regulatory oversight of the crypto sector, which has prompted entities to bolster their cybersecurity measures.
The report reads: “That doesn’t mean attacks are down, or at least not as much as the drastic dropoff in payments would suggest. Instead, we believe that much of the decline is due to victim organizations increasingly refusing to pay ransomware attackers.”
Despite the decrease in ransomware attacks, it is important to note that the threat remains very real. Crypto investors must remain vigilant and take the necessary steps to protect their digital assets from hackers and cybercriminals. This includes implementing strong security measures such as two-factor authentication, using unique passwords for each account, and regularly monitoring their accounts for any suspicious activity.