Ransomware attacks have been a major concern for businesses and individuals in recent years. These hackers encrypt users’ files and demand payment in exchange for the decryption key.
Ransomware revenue has however dropped by over 40% in 2022.
Revenue Drop in 2022
A new report from blockchain analysis firm Chainalysis suggests that the effectiveness of these attacks may be waning. According to the report, ransomware revenue dropped by 15% in Q3 2020 compared to the previous quarter.
A Chainalysis report covering 2022 showed that the Ransomware attacks had reduced drastically, with victims refusing to pay these hackers.
Over the course of 2022, the revenue earned from Ransomware dropped by over 40% to $400 million in 2022 from a status of $700 million in 2021.
One explanation for the decline in ransomware revenue is the increase in backups and danger recovery solutions by businesses. These are put in place by companies to help restore their systems and files in the event of a ransomware attack.
This reduces the attack’s impact and makes it less possible for victims to be pushed to pay these hackers. Also, there has been increased attention and scrutiny on ransomware operators by law enforcement agencies around the world.
The FBI has prioritised combatting these illegal acts and set up a special task force to investigate and prosecute those responsible for these attacks.
This has led to the arrests of operators and the disruption of their operations, which has likely contributed to the decline in ransomware revenue.
However, it should be noted that the ransomware threat is still rampant and continues to grow.
Firms And Individuals Should Be More Cautious
Hackers are also stepping up their tactics with this new double extortion, in which they not only encrypt files but also threaten to release sensitive data if the ransom is not paid.
Businesses and individuals should continue to be vigilant and take steps to protect themselves from ransomware attacks.
This includes keeping software and systems up-to-date, regularly backing up important files, and being cautious about clicking on links or opening attachments in emails.
Additionally, it is important to be prepared for an attack by having a disaster recovery plan and being familiar with the steps to take if an attack occurs.
The decline in ransomware revenue is a positive development, but it is important to remember that the threat is still very real and that businesses and individuals must remain vigilant to protect themselves.
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