According to a report by Chainalysis, payments made to ransomware gangs fell by 35% in 2024 compared to the previous year. Despite an increase in the number of ransomware attacks, gangs made $814 million in 2024, down from $1.25 billion in 2023. The decline in payments is attributed to several factors, including increased law enforcement actions and sanctions, as well as victims refusing to pay. Less than half of all recorded ransomware attacks resulted in victim payments in 2024. A growing distrust that complying with attackers' demands will result in data deletion also contributed to the non-payment trend. The report also highlights improved cyber hygiene among victims and challenges faced by ransomware attackers in cashing out their funds. However, it is suggested that the downward trend may not be long-lasting and large-scale attacks could resume in the future.



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