Drop in ransomware payment, 2024 Q1 sees a record low of 28%

Ransomware actors have encountered a rocky start in 2024, as indicated by statistics from cybersecurity firm Coveware. Companies are increasingly refusing to acquiesce to extortion demands, resulting in a record low of only 28% of companies paying ransom in the first quarter of the year. This figure marks a notable decrease from the 29% reported in the previous quarter of 2023. Coveware’s data underscores a consistent trend since early 2019, showing a diminishing rate of ransom payments. 

The decline in ransom payments can be attributed to several factors. Organizations are implementing more sophisticated protective measures to fortify their defenses against ransomware attacks. Additionally, mounting legal pressure discourages companies from capitulating to cybercriminals’ financial demands. Moreover, ransomware operators frequently breach promises not to disclose or sell stolen data even after receiving payment, further eroding trust in the extortion process. 

Despite the decrease in the payment rate, the overall amount paid to ransomware actors has surged to unprecedented levels. According to a report by Chainalysis, ransomware payments reached a staggering $1.1 billion in the previous year. This surge in payments is fueled by ransomware gangs targeting a larger number of organizations and demanding higher ransom amounts to prevent the exposure of stolen data and provide victims with decryption keys. 

In the first quarter of 2024,

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