Ransomware: fewer and fewer people pay the ransom

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Fewer victims of ransomware attacks agree to pay the ransom to get their cryptocurrency back, according to the Chainalysis Crypto Crime Report.

People got tired of pay the ransom needed after attacks ransomware to get yours back cryptocurrencies. This is what emerges 2023 crypto crime report performed by chain analysisan American blockchain analysis company.

In fact, in 2022, according to the report, the amount collected by hackers revolves around 457 million dollarswhile in the previous year he had even played i 766 million. The decline from 2022 to 2021 is significant: -40.3%.

What this means? chain analysis provided a possible interpretation of why this dynamic occurred, let’s see what it is.

Why victims of ransomware attack no longer pay the ransom

According to the data collected, compared to 2019, the number of people willing to pay decreased, from 76% for the 41%thus resulting in a -35%an extremely significant number, especially if in just 3 years. One of the reasons highlighted in the report concerns the fact that, as of September 2021, it agrees to paying ransoms is illegal in the United States and can lead to other penalties.

Another reason why this drop in ransom payments has occurred is related to insurance agencies. Due to the increase in ransomware attacks in recent years, insurers have made the conditions for taking out insurance much more stringent. As a result, many realities, but also many people, have preferred to invest in protection and recovery tools than spend their money in the hope of recovering what has already been taken from them.

It is essential to always keep in mind that it is not possible to be sure that we will receive the decryption key for our cryptocurrencies after paying the ransom. If you agree to pay, it is possible that, in addition to the damage, an offense may also occur: that is, that our goods will not be returned to us.

Reduced ransom payments, but not ransomware

Despite the decline shown by chain analysis in terms of ransom payments, neither attacks nor ransomware decreased in 2022. According to cybersecurity company Fortinet, in the first half of 2022, active ransomware they were more than 10,000. Either way, specifies the research, most of the revenue always ends up in the hands of small groups of skilled hackers.

Despite the high number of active ransomware, «average life» of ransomware continues to drop significantly: from 2012 to 2022 the average period of activity went from 3,907 (2012) a 79 days (2022).

The report details, explaining that the main core business of the big players in this market is Ransomware-as-a-Service (RaaS). Under this model, hackers “rent” their malware to other criminals, known as “affiliates”, in exchange for a cut of what they earn from tricking the crooks. Among the big ransomware vendors, according to Chainalysis, are Conti, Lockbit, BlackCat, Monti, and Suncrypt.

Source: Money It

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