Ransomware is on track to have its most profitable year in 2024, as cybercriminals continue to target higher-value companies more likely to pay hefty sums to regain control of their systems. According to a report by Chainalysis, the financial toll on victims has surged dramatically, with the most significant ransom payment recorded so far this year hitting $75 million, paid to the Dark Angels gang. This figure is double the highest ransom paid in 2023.
Rising ransomware costs are evident in the sharp increase in median payments. In early 2023, the median payment was $200,000, but by July 2024, it had skyrocketed to $1.5 million. This trend highlights the growing audacity of ransomware gangs, which are now focusing on "big game hunting"—targeting essential services like hospitals and large corporations that are more likely to pay quickly to restore operations.
One notable incident involved a Fortune 50 company reportedly paying the $75 million ransom, a stark reminder of the high stakes. Earlier in the year, UnitedHealth's subsidiary, Change Healthcare, also succumbed to a $22 million demand following a crippling ransomware attack.
This escalation in ransom demands underscores the challenges law enforcement faces in combating ransomware. Despite efforts to dismantle criminal networks, new groups emerge, often employing simple yet effective methods such as stealing employee passwords to breach systems.
Cybercriminals are proving highly profitable by targeting fewer but more lucrative victims, making ransomware a persistent threat. As long as these attacks continue to pay off, experts warn that hackers will remain undeterred in using this tactic.
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