According to the latest quarterly report from ransomware response and negotiation company Coveware, the number of victims who chose to pay ransomware attackers has dropped to a new low of 29% in the last quarter of 2023. This has continued a downward trend since 2019, when the rate of companies choosing to pay ransomware actors was 85%. Coveware founder and CEO Bill Siegel attributes this change to an increase in awareness among ransomware victims, who are now better prepared for attacks by keeping better backups. Additionally, several years of ransomware making headlines and associated stories of payments amounting to nothing have led to a reluctance to trust data kidnappers. Coveware also found that payments for data exfiltration-only incidents hit an all-time low since it began tracking them in 2022.
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