In recent years, you’ve probably encountered numerous news stories about victims of ransomware attacks and the payments made to obtain decryption keys. However, there’s some positive news: ransomware payments decreased by 35% in 2024, as many victims chose not to pay to regain access to their encrypted data.
According to Chainalysis, a firm that tracks blockchain transactions globally, ransomware attacks involving file-encrypting malware increased last year. Despite this rise in attacks, only 60% to 70% of victims chose to pay the hackers, with the remainder opting to recover their data from backups or through alternative means, such as seeking help from law enforcement for free decryption keys.
The reluctance to make payments can be attributed to the uncertainty that follows a ransom payout. Many victims found that hackers often failed to return stolen data or delete it from their servers, as initially promised.
Another key factor is the growing push by law enforcement agencies to advise victims against paying ransoms. This not only discourages criminal activity but also prevents hackers from targeting the same victim multiple times in quick succession.
Supporting this shift is a report from Chainalysis, which notes that ransomware operators are struggling to liquidate the cryptocurrencies they demand due to ongoing sanctions and constant surveillance of the dark web by prominent law enforcement agencies like the FBI.
As a result, many cybercriminals and their associated gangs are holding on to their digital currencies in e-wallets, planning to convert them into fiat money sometime in mid or late 2025. They’re likely waiting for a favorable moment, particularly capitalizing on the volatile nature of cryptocurrencies like Bitcoin, which surged to $90,000 before the elections.
While experts suggest that the situation is under control for the moment, they caution that this could be temporary. Cybercriminal groups might be planning large-scale attacks, and it’s hard to predict what lies ahead.
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