Ransomware Is on the Decline
Lets take a break from worrying about the economy to consider some good news: ransomware payments are declining, thanks to the efforts of the U.S. government and its international partners, according to .
The numbers: Ransom payments fell to $456.8 million in 2022, a steep drop from the $765.6 million reported in 2021, according to the blockchain analysis firm Chainalysis, which tracks such payments by examining crypto wallets.
- The cyber incident response firm Coveware, meanwhile, said the number of clients that pay a ransom decreased to 41%. Thats a massive decline from the 76% that paid in 2019.
Why its happening: The U.S. government committed to tackling ransomware attacks about two years ago, and those efforts may be paying off.
- Contributing to this effort are U.S. sanctions against businesses that facilitate extortion payments, targeted shutdowns of marketplaces frequented by hackers and a new wave of regulations designed to bolster the cybersecurity defenses of businesses.
Worth noting: There are also other factors at play, including that suspected scammers keep getting arrested, hacking groups fall apart amid internal infighting [and] security firms are keeping pace with the latest malware strains.
Get covered: Ransomware is still a real threat, and there are many other dangers out in cyberspace, as we all know. If youre interested in hardening your companys defenses, check out , which provides cyber insurance, proactive monitoring and more.
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