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| less than a minute read
Reposted from Taylor English Insights

Ransomware Payments Down Sharply in 2022

An analysis released in early 2023 shows that ransomware attacks resulted in 40% lower overall ransom payments in 2022 as compared to 2021. Payment figures dropped from $766M to $457M.

Why It Matters

Ransomware attacks are not going away; they remain at high levels. The big drop in ransom payments, however, suggests that many companies are better prepared to deal with a ransomware attack. Because such attacks commonly encrypt enterprise data or otherwise hold it hostage, more and more companies are adding backup data and data restoration plans to their security operations. That makes recovery possible even without paying a ransom. As ever, an ounce of prevention is worth a pound (or $300M) of cure.  

While Chainalysis may not be aware of all addresses used by these cybercrime gangs, it’s clear that ransomware profits have significantly decreased. On the other hand, the volume of attacks does not seem to have dropped, with thousands of companies being targeted last year and tens of thousands of malware strains used in attacks.


data security and privacy, hill_mitzi, insights