Ransomware Revenue Falls by 40% as Majority of Victims Refuse to Pay

Ransomware Revenue Falls by 40% as Majority of Victims Refuse to Pay

Ransomware Revenue Falls by 40% as Majority of Victims Refuse to Pay
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  • Ransomware attackers extorted $456 million in 2022 when in contrast with $765 million in 2021.
  • In 2019, handiest 24% of victims refused to pay attackers, however the figure doubled not too long ago.
  • Attackers in most cases send their stolen funds to centralized exchanges to convert to fiat.

The illegal earnings accruing to crypto criminals from ransomware exploits declined in 2022 as extra victims refused to pay, per most modern records published by market intelligence agency, Chainalysis.

The report eminent that Ransomware attackers would possibly perhaps perhaps well handiest extort $456 million from victims in 2022 after stealing nearly twice that imprint in the old year. Chainalysis hinted that the accurate figures would possibly perhaps perhaps well moreover be unheard of better as there are crypto addresses managed by ransomware attackers but to be acknowledged on the blockchain and incorporated into its records.

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The analytic agency eminent that the drop in earnings would not suggest a decline in ransomware assaults. Instead, per research from cybersecurity agency Fortinet (NASDAQ:FTNT), the exploit exploded in 2022, with over 10,000 queer ransomware strains in operation in the first half of the year.

However, their earnings has dropped as victim organizations an increasing selection of refused to pay them. In 2019, handiest 24% of victims refused to pay their attackers, and the figure doubled to extra than twice that number in 2022.

Critically, ransomware is a form of malicious design that takes over ...

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