A new study from Coveware has shown that the number of ransomware victims paying ransom to hackers fell to 29% in the last quarter of 2023, perhaps the lowest rate yet.
In 2019, the rate was 85%. The decline began to become apparent in mid-2021, when the payout rate dropped to 46%. And now it is just 29%.
According to Coveware, the continued decline is due to several factors, including greater preparedness by organizations, a lack of trust in cybercriminals, and legal pressure, as some regions have made paying ransoms illegal.
In fact, the research showed that even if the cyberattack is accompanied by a data breach, the payout rate remains low (just 26% in the last quarter).
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Furthermore, in addition to the decrease in the number of victims paying ransom to ransomware gangs, the amounts have also decreased.
Prohibition of ransom payments
The Coveware report also emphasized the issue of payment bans ransom and how these could influence the decisions of organizations and ultimately the cybercrime community.
As the company explains, although bans seem like a good idea in theory, they are not simple in practice.
Coveware suggests that imposing national bans in the US or other countries could lead victim companies to make mistakes. Companies that believe they have to pay to address the situation could fail to report attacks to authorities and resort todubious service providers acting as intermediaries.
The company predicts that if such a law were enacted, it would create a large illegal market and ultimately make the problem worse.
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Coveware instead suggests implementing more mechanisms and initiatives that make profiting from ransomware increasingly difficult:
- Strengthening reporting frameworks and due diligence for ransom payments, encouraging detailed disclosure and decision-making.
- Proactive reporting and compliance, combined with mandatory reporting requirements to enhance cooperation with law enforcement authorities.
- Imposition of significant fines for failure to disclose incidents.
- Emphasis on long-term cooperation with law enforcement authorities.
- Focus on strategic measures to reduce the attractiveness and ease of payments, thereby reducing the viability of ransomware.
Unfortunately, while ransom payments are decreasing, ransomware remains one of the most significant cyberthreats. However, the observed drop in payment rates is positive, as it shows that this attack may no longer be so profitable for hackers.
When victims refuse to pay the ransom, the attackers lose their source of income. Ransomware is the primary way for ransomware attackers to make money.
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Furthermore, refusal to pay can lead to increased insecurity and uncertainty for attackers, which can force them to reconsider their tactics or look for new ways to generate income.
Finally, refusing to pay can lead to increased pressure from . law enforcementRansomware attacks are illegal, and failure to secure ransom can make perpetrators more vulnerable to detection and arrest.
However, the change increases the need for more complex and sophisticated attack attacks methods may become increasingly sophisticated from attackers. This means that ransomware , with attackers seeking new ways to secure ransom payments.
Source: www.bleepingcomputer.com
