Ransomware Revenue Plunges 40.58% in 2022: Organizations Refuse to Pay

• Chainalysis released a report showing that ransomware attack revenue fell by 40.58% in 2022 compared to 2021.
• The total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021.
• The decrease in ransomware revenue is due to organizations increasingly refusing to pay attackers, rather than the hackers limiting their efforts.

The cryptocurrency industry has experienced a surge in popularity in recent years, and with that has come an increased risk of cybercrime. According to a recently released report by on-chain analytics firm Chainalysis, the revenue of ransomware attacks has fallen by 40.58% in 2022 compared to 2021.

Ransomware is a type of malicious software that infects computers and locks them, preventing users from accessing their data until they pay a ransom. The report found that the total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021. However, Chainalysis cautioned that this number could be even higher, as not all addresses linked to attacks have been identified.

It appears that the decrease in ransomware revenue is not because the hackers are limiting their efforts, but rather, because organizations are increasingly choosing to stand up to criminals instead of paying them. This is likely due to the increased regulatory focus on the crypto industry, which has pushed organizations to apply stricter cybersecurity measures.

The report is a welcome sign of progress, showing that the global clampdown on cybercrime is having an effect. However, it is important to remember that this does not necessarily mean that ransomware attacks are down, as the drastic drop in payments could be attributed to organizations refusing to pay attackers. It is also possible that hackers are simply becoming more sophisticated, making it more difficult for law enforcement to track them.

Regardless of the reason, the decrease in ransomware revenue is a positive step forward in the fight against cybercrime. It is essential that organizations remain vigilant and continue to apply appropriate cybersecurity measures, as hackers are likely to continue to look for new ways to exploit the system.