Ransomware Resurgence: A Renewed Wave of Cyber Threats

Harvard Business Review reports claim that cyberattacks have increased dramatically since the overnight shift from remote to office work in 2020. In 2020, all types of cyberattacks have increased over the previous year, but ransomware is by far the largest growth rate. A total of more than 3000% increase has been seen in the amount of money paid by victims of these attacks. 

It is pertinent to note that in 2022, due to a concerted effort by international law enforcement agencies to crack down on ransomware attacks, payments to hackers and even the number of attacks dropped. However, this trend does not appear to hold in 2023, and it appears that attacks have increased once again. 

Chainalysis reports that ransomware victims paid a total of $449.1 million to ransomware groups during the first 6 months of this year, according to their data. The $500 million achieved by 2022 did not even come close to that. 

Based on the company’s data, if the rate of payments continues this year, the total amount for 2023 could reach $898.6 million. This is if the payment pace continues.

Based on Chainalysis’ calculations, this would place 2023 second for ransomware revenue after 2021. This is when attackers extorted $939.9 million from their victims in 2021, according to Chainalysis. 

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