After a slowdown in 2022, total ransomware payments last year jumped to their highest level ever, $1.1 billion.
These are the data contained in the report by the technology company Chainalysis.
“Ransomware authors have intensified their operations,” he explains, “targeting high-profile institutions and critical infrastructure, including hospitals, schools and government agencies. And targeting companies ranging from the BBC to British Airways. As a result of these and other attacks , ransomware gangs have reached an unprecedented milestone, a significant reversal from the decline seen in 2022.”
The volume of ransomware payments, the company notes, from 2019 to 2023 indicates a growing problem.
“One big thing we're seeing is the astronomical growth in the number of threat actors carrying out ransomware attacks,” says Allan Liska, Threat Intelligence Analyst at cybersecurity firm Recorded Future, which reported 538 new ransomware variants in 2023 , including Blackbasta which also caused victims in Italy.
Where does the ransom money go?
Criminal organizations, Chainalysis points out, use exchange platforms and even gambling services as laundering machines.
Threat actors continue to adapt to regulatory changes and law enforcement actions, but 2023 - explains Chainalysis - also saw significant victories in the fight against ransomware thanks to collaboration between international law enforcement agencies and affected organizations.
An example for all: the dismantling in January of the Hive ransomware group by Europol and the FBI, which targeted around 1,500 victims in over 80 countries around the world.
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