In 2024, ransomware payments dropped by 35% to $814 million from the previous year’s $1.25 billion, despite an increase in attacks. Chainalysis attributes this decline to several factors. Law enforcement actions and sanctions have intensified, making it riskier for victims to pay. Less than half of the attacks resulted in payments, reflecting a growing distrust in attackers’ promises to delete stolen data. For instance, United Healthcare paid a $22 million ransom to BlackCat, but the data was leaked anyway. The takedown of LockBit also revealed that data wasn’t deleted as promised. Victims are also better prepared, often opting for backups over paying ransoms. Additionally, ransomware attackers are struggling to cash out, with a significant decline in the use of crypto mixers. Despite these trends, it’s too early to declare victory over ransomware, as the situation could reverse in 2025.
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