Ransomware no longer pays

© iStock.

Ransomware, the malware that hijacks your data by encrypting it, isn't as profitable as it used to be, according to two new studies. Attackers’ profits, along with the number of victims who pay up, have dropped drastically in 2022. Adding payouts to cryptocurrency addresses linked to ransomware attacks shows that transfers have fallen from $766 million USD in 2021 to $457 million USD last year, says Chainalysis, a blockchain analytics firm. Cybersecurity analysis company Coveware confirms this downward trend, noting that victims who cough up fell from 85% in the first quarter of 2019 to 37% in the fourth quarter of 2022. The company lists several reasons for the evolution of the “ransom market”: businesses are better prepared and are investing more in IT security, law enforcement has improved in ransomware collection, and major digital criminals have been locked up.

In addition to the usual best practices in terms of cybersecurity (up-to-date systems and software, antivirus software, firewalls, employee training, etc.), savvy companies also set up an incident response plan: in the event of a ransomware attack, a well-prepared response plan helps contain the attack and recover quickly. This plan is based in part on a solid system of incremental backups that allows you to quickly recover your data.

⇨ Ars Technica, Kevin Purdy, “Ransomware victims are refusing to pay, tanking attackers’ profits.”

2023-01-23