News Summary

In 2024, ransomware payments experienced a significant decrease of 35%, dropping from $1.25 billion in 2023 to $813.55 million, according to a report by Chainalysis. This decline occurred despite an increase in the frequency of ransomware attacks. The reduction in payments is attributed to successful law enforcement actions against major ransomware groups such as LockBit and ALPHV/BlackCat. Operations by agencies like the UK’s National Crime Agency and the FBI contributed to these groups’ decline, with the latter disappearing after a notable attack on Change Healthcare. Additionally, the rise in victim resistance and the doubling of data leak sites suggest attackers are struggling to extort payments effectively. The second half of 2024 saw a particularly sharp decline in payments, with a 79% decrease compared to the first half, highlighting the effectiveness of international law enforcement collaboration.