In a surprising turn of events, ransomware payments have significantly decreased in 2024, despite a year marked by some of the most notorious cyberattacks. Notably, hackers crippled numerous U.S. pharmacies and clinics through their assault on Change Healthcare and exploited vulnerabilities in Snowflake, targeting major firms.
According to Chainalysis, victims paid $814 million in ransom this year, a staggering 35% decline from the $1.25 billion paid in 2023. Even more telling, the second half of 2024 saw payments drop to just $321 million, the largest decrease between two six-month periods recorded.
Jackie Burns Koven from Chainalysis attributes this decline to effective law enforcement actions against cybercriminal groups, which have either been dismantled or are operating under the radar. “The major attacks we witnessed last year have led to significant consequences for attackers,” she noted. While the cybersecurity landscape remains challenging, the drop in payments signals a potential shift in the ongoing battle against ransomware. ✨
