"Big game hunting" has become the main trend of the past year.
According to a study by blockchain company Chainalysis, organizations, individuals and other victims of cyber attacks paid hackers more than $1.1 billion to unlock their data in 2023. This is a record high, which was achieved due to various factors, including the increase in the number of malicious operations and their focus on critical infrastructure, such as hospitals, schools and government agencies.
For comparison, in 2022, this figure was only $567 million — twice as low. Experts attribute such figures to a shift in hackers ' interest towards the conflict in Eastern Europe and a decrease in the number of ransomware attacks.
The most high-profile hack of the past year was the compromise of the MOVEit Transfer service, as a result of which Clop ransomware gained access to confidential data of hundreds of companies that used the service on a regular basis.
The group managed to automate attacks and received more than $100 million, which accounted for almost 45% of all ransom payments in June. The strategy of "big game hunting" has become dominant in 2023 — a significant part of all payments account for amounts over $1 million.
There is also an expansion of operations due to the "ransomware-as-a-service" (RaaS) model, which provides less experienced hackers with simple tools for launching attacks. By the way, there are so many similar "tools" and various malware carriers for extortion in 2023 that experts are literally tired of counting them — 538 different variations of extortionate software.
Despite the efforts of law enforcement agencies, which led to the closure of popular platforms for money laundering and withdrawal, the groups still found loopholes for successful movement of cash flow.
Allan Liska, a ransomware expert at Recorded Future, confirmed the data from Chainalysis, noting a 70% increase in public reports of ransomware attacks compared to 2022.
Despite intergovernmental and organizational efforts to combat ransomware, Liska believes that every step forward in the fight against this phenomenon leads to two similar steps on the part of cybercriminals. Liska also doesn't expect attacks to slow down in 2024 due to their high profitability.
According to a study by blockchain company Chainalysis, organizations, individuals and other victims of cyber attacks paid hackers more than $1.1 billion to unlock their data in 2023. This is a record high, which was achieved due to various factors, including the increase in the number of malicious operations and their focus on critical infrastructure, such as hospitals, schools and government agencies.
For comparison, in 2022, this figure was only $567 million — twice as low. Experts attribute such figures to a shift in hackers ' interest towards the conflict in Eastern Europe and a decrease in the number of ransomware attacks.
The most high-profile hack of the past year was the compromise of the MOVEit Transfer service, as a result of which Clop ransomware gained access to confidential data of hundreds of companies that used the service on a regular basis.
The group managed to automate attacks and received more than $100 million, which accounted for almost 45% of all ransom payments in June. The strategy of "big game hunting" has become dominant in 2023 — a significant part of all payments account for amounts over $1 million.
There is also an expansion of operations due to the "ransomware-as-a-service" (RaaS) model, which provides less experienced hackers with simple tools for launching attacks. By the way, there are so many similar "tools" and various malware carriers for extortion in 2023 that experts are literally tired of counting them — 538 different variations of extortionate software.
Despite the efforts of law enforcement agencies, which led to the closure of popular platforms for money laundering and withdrawal, the groups still found loopholes for successful movement of cash flow.
Allan Liska, a ransomware expert at Recorded Future, confirmed the data from Chainalysis, noting a 70% increase in public reports of ransomware attacks compared to 2022.
Despite intergovernmental and organizational efforts to combat ransomware, Liska believes that every step forward in the fight against this phenomenon leads to two similar steps on the part of cybercriminals. Liska also doesn't expect attacks to slow down in 2024 due to their high profitability.
