The latest research by Chainalysis reveals that ransomware payments fell by 34.86% in 2024 to $813 million (£650 million) due to an increase in effective law enforcement actions, improved international collaboration, and a growing refusal to pay by victims. The latest report raises the figure reported in 2023 from $1.1 billion (£880 million) to $1.25 billion (£1.01 billion).
In a related article in The Guardian, Jacqueline Burns Koven, head of cyber threat intelligence at Chainalysis, said: “For years now, the cybersecurity landscape seemed hurtling towards a so-called ransomware apocalypse, so this sharp decline, to levels even lower than those in 2020 and 2021 speaks to the effectiveness of law enforcement actions, improved international collaboration, and a growing refusal by victims to cave into attackers demands.”
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