Ransomware Payments Decline in 2024: Victims Resist Hackers

Ransomware Payments Experience Significant Decline in 2024

A notable decrease in ransomware payments was recorded in 2024, with a reduction exceeding one-third. This shift is attributed to a growing trend of victims declining to engage in negotiations with malicious actors.

Chainalysis Report Highlights Key Trends

According to a report released by crypto forensics firm Chainalysis on Wednesday, despite an increase in the number of victims publicly listed on ransomware gang leak sites throughout 2024, fewer individuals ultimately succumbed to the demands of the attackers.

The report details a 35% decrease in total ransomware payments. Hackers received $814 million in 2024, a substantial drop from the record high of $1.25 billion reported in 2023.

Demand vs. Payout Discrepancy

Further illustrating the resistance to attacker demands, Chainalysis observed that during the latter half of 2024, the amounts requested by cybercriminals were, on average, 53% greater than the actual sums paid out.

This discrepancy occurred even with a concurrent rise in the overall number of ransomware attacks launched.

Factors Contributing to the Decline

Chainalysis identifies several factors contributing to this unexpected downturn – the first observed since 2022.

• Increased intervention by law enforcement agencies.
• Successful disruption of major ransomware operations, such as the LockBit gang.
• Enhanced international cooperation in combating cybercrime.

These combined efforts have demonstrably impacted the financial gains of ransomware perpetrators.