Being the study of ransomware payments of 2023 conducted by Chainalysis, it was reported that victims of ransomware attacks paid their attackers an accumulative of $1bn in 2023 which is a timely record high.
Cybercriminals are making a lot of money by extorting individuals and organizations with almost no consequences . Especially with the advent of cryptocurrency which transactions can only be tracked but users identity could remain anonymous.
Malicious hackers exploit computer networks belonging to companies, medical facilities, or educational institutions to release ransomware assaults. In order to obtain the keys needed to open their victims’ computers, they encrypt their victims’ PCs, steal confidential files, or both, and demand payment in bitcoin in exchange for a pledge not to disclose the files. Ransomware perpetrators can be found anywhere. Russian is spoken by several significant groups, and Russia does not extradite its citizens.
“Newcomers are lured by the promise of lucrative returns, the low barriers of entry,” Jackie Koven said while being informative the efforts to control the ransomware criminal environment, more ransomware hackers than ever before are being attracted by the prospect of wealth and obvious lack of consequences.
Koven continued, “We’re seeing that 75% of ransomware payments are for a million dollars or higher,” this is to say there are now more skilled hackers who are able to breach victims’ computers using increasingly inventive and sophisticated means. But the sheer volume of people attempting to breach businesses that could pay out makes a lot of ransomware operations effective and creates a steady stream of big payouts.
Although, The US and Australian governments has overtime sanctioned some cryptocurrency companies whom have been suspected to launder funds via cryptocurrency, therefore making it difficult for victims to pay off their hackers.
Allan Liska, ransomware analyst at Cybersecurity Recorded Future Firm made a comment recently that “There is a whole government and industry mobilization to stop ransomware, and the problem has only gotten worse.”
He stated further that “Don’t get me wrong; we’ve made real progress. Takedowns are rapidly increasing, as are law enforcement actions,” he said. “But we are still losing the fight.”