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How have tech giants strategies changed recently?
Victims of ransomware attacks paid out more than $ 459 million to attackers in the first half of 2024, according to a new report. This shocking figure highlights the growing cybersecurity crisis affecting organizations of all types, from large corporations to local governments and hospitals.
Chainalysis, a blockchain research company, tracked cryptocurrency payments sent to wallets controlled by ransomware groups. The results showed an increase in the amount received by criminals by $ 10 million compared to last year's figure of $ 449.1 million.
According to analysts, the current rate of disbursements "confidently leads the world to the worst year on record ". Other statistics also indicate a deterioration in the situation. In addition to the new record buyout of $ 75 million, which was confirmed by other blockchain analysts, the median amount of payments also increased.
For the most dangerous groups — those who received a maximum payment of more than $ 1 million this year-the median amount of ransom increased from $ 198,939 in the first week of 2023 to $ 1.5 million by mid-June 2024.
According to experts, this trend may indicate that such malware is beginning to target larger enterprises and suppliers of critical infrastructure. Large corporations are more likely to agree to hackers ' terms because of their significant financial resources and system importance.
Chainalysis data is consistent with information collected by other companies. Sophos, for example, recently released a report showing that the median amount for 49 state and local governments that paid the ransom in 2024 was $ 2.2 million.
Payment tracking also revealed that ransomware attacks are becoming more frequent, with at least 10% more incidents reported this year compared to the previous period.
However, despite the increase in the frequency of attacks and the size of payments, it seems that victims are still 27% less likely to go along with the criminals. Andrew Davies, general counsel at Kiva Consulting, said that 65% of the cases they have worked with recently, companies have decided to recover on their own.
Davis added: The actions of law enforcement agencies to eliminate the ALPHV/BlackCat and LockBit groups have led to a fragmentation of the cybercrime landscape. This forced their accomplices to switch to less effective malware or create their own.
According to Davies, a large number of new groups have entered the game with improved methods and tools. They are expanding their tools for initial access and approaches to movement in victims networks.
Chainalysis also warns of an increase in cryptocurrency thefts. In the first half of 2024, cybercriminals received almost $ 1.6 billion from such operations, which is significantly higher than the figure of $ 857 million for the same period in 2023. Although the number of attacks on cryptocurrency platforms remained roughly the same, hackers began to steal more money each time. The average cost of theft rose to $ 10.6 million this year, up from $ 5.9 million in the first half of last year.
Source
Victims of ransomware attacks paid out more than $ 459 million to attackers in the first half of 2024, according to a new report. This shocking figure highlights the growing cybersecurity crisis affecting organizations of all types, from large corporations to local governments and hospitals.
Chainalysis, a blockchain research company, tracked cryptocurrency payments sent to wallets controlled by ransomware groups. The results showed an increase in the amount received by criminals by $ 10 million compared to last year's figure of $ 449.1 million.
According to analysts, the current rate of disbursements "confidently leads the world to the worst year on record ". Other statistics also indicate a deterioration in the situation. In addition to the new record buyout of $ 75 million, which was confirmed by other blockchain analysts, the median amount of payments also increased.
For the most dangerous groups — those who received a maximum payment of more than $ 1 million this year-the median amount of ransom increased from $ 198,939 in the first week of 2023 to $ 1.5 million by mid-June 2024.
According to experts, this trend may indicate that such malware is beginning to target larger enterprises and suppliers of critical infrastructure. Large corporations are more likely to agree to hackers ' terms because of their significant financial resources and system importance.
Chainalysis data is consistent with information collected by other companies. Sophos, for example, recently released a report showing that the median amount for 49 state and local governments that paid the ransom in 2024 was $ 2.2 million.
Payment tracking also revealed that ransomware attacks are becoming more frequent, with at least 10% more incidents reported this year compared to the previous period.
However, despite the increase in the frequency of attacks and the size of payments, it seems that victims are still 27% less likely to go along with the criminals. Andrew Davies, general counsel at Kiva Consulting, said that 65% of the cases they have worked with recently, companies have decided to recover on their own.
Davis added: The actions of law enforcement agencies to eliminate the ALPHV/BlackCat and LockBit groups have led to a fragmentation of the cybercrime landscape. This forced their accomplices to switch to less effective malware or create their own.
According to Davies, a large number of new groups have entered the game with improved methods and tools. They are expanding their tools for initial access and approaches to movement in victims networks.
Chainalysis also warns of an increase in cryptocurrency thefts. In the first half of 2024, cybercriminals received almost $ 1.6 billion from such operations, which is significantly higher than the figure of $ 857 million for the same period in 2023. Although the number of attacks on cryptocurrency platforms remained roughly the same, hackers began to steal more money each time. The average cost of theft rose to $ 10.6 million this year, up from $ 5.9 million in the first half of last year.
Source
