Ransomware payments drop to record low as victims refuse to pay

pMicrosoft New critical Exchange bug exploited as zerodayppLockBit claims ransomware attack on Fulton County GeorgiappTransNorthern Pipelines investigating ALPHV ransomware attack claimsppMicrosoft February 2024 Patch Tuesday fixes 2 zerodays 73 flawsppNew Gold Pickaxe Android iOS malware steals your face for fraudppMicrosoft New critical Exchange bug exploited as zerodayppLockBit claims ransomware attack on Fulton County GeorgiappZoom patches critical privilege elevation flaw in Windows appsppHow to enable Kernelmode Hardwareenforced Stack Protection in Windows 11ppHow to use the Windows Registry EditorppHow to backup and restore the Windows RegistryppHow to open a Windows 11 Command Prompt as AdministratorppHow to start Windows in Safe ModeppHow to remove a Trojan Virus Worm or other MalwareppHow to show hidden files in Windows 7ppHow to see hidden files in WindowsppRemove the Theonlinesearchcom Search RedirectppRemove the Smartwebfindercom Search RedirectppHow to remove the PBlock adware browser extensionppRemove the Toksearchesxyz Search RedirectppRemove Security Tool and SecurityTool Uninstall GuideppHow to Remove WinFixer Virtumonde Msevents TrojanvundoppHow to remove Antivirus 2009 Uninstall InstructionsppHow to remove Google Redirects or the TDSS TDL3 or Alureon rootkit using TDSSKillerppLocky Ransomware Information Help Guide and FAQppCryptoLocker Ransomware Information Guide and FAQppCryptorBit and HowDecrypt Information Guide and FAQppCryptoDefense and HowDecrypt Ransomware Information Guide and FAQppQualys BrowserCheckppSTOPDecrypterppAuroraDecrypterppFilesLockerDecrypterppAdwCleanerppComboFixppRKillppJunkware Removal ToolppeLearningppIT Certification CoursesppGear GadgetsppSecurityppBest VPNsppHow to change IP addressppAccess the dark web safelyppBest VPN for YouTubeppppThe number of ransomware victims paying ransom demands has dropped to a record low of 29 in the final quarter of 2023 according to ransomware negotiation firm CovewareppThis trend became apparent in mid2021 when the payment rate dropped to 46 after previously being 85 at the start of 2019ppAccording to Coveware the reason for this continual drop is multifaceted including better preparedness by organizations a lack of trust towards cybercriminals promising not to publish stolen data and legal pressure in some regions where paying a ransom is illegalppCoveware has found that even when data is stolen in cyberattacks the payment rate was just 26 in the last quarterppNot only have the number of victims paying ransomware dropped but also the dollar amounts of actual ransom paymentsppCoveware says that ransom payments in Q4 2023 had an average amount of 568705 a 33 drop from the previous quarter while the median ransom payment was 200000ppThe median size of victimized organizations dropped in Q4 23 reversing a trend that started in Q2 22 when attackers anticipating a drop in payment rates opted to target larger companies for more significant payouts to make up the differenceppApart from the above stats Covewares report touches on the controversial subject of ransom payment bans and how these could affect targeted organizations and the cybercrime communityppAs the cybersecurity company elaborates although bans seem like a good idea theoretically they are far from straightforward in practiceppCoveware suggests that if national bans were imposed in the US or other highlytargeted countries companies would most likely stop reporting these incidents to the authorities and deal with their problem using shady service providers as intermediariesppThe firm forecasts that if such a law were enacted a large illegal market would be created overnight and all progress made in bringing victims and law enforcement agencies closer would be reversedppA substantial proportion of these victims would do the quick math on the risk company badly damaged vs risk of fines and penalties and then proceed to navigate the illegal market of service providers reads Covewares reportppSome companies would still report to be sure but any victim that even contemplated paying or chose to pay would absolutely keep it quiet as they would be admitting to a crime if they reportedppCoveware suggests instead to double down on some of the existing mechanisms and initiatives that make profiting from ransomware increasingly harder includingppUnfortunately as we enter 2024 ransomware remains a major global cybersecurity challenge demonstrating a remarkable resilience against existing solutionsppDespite this the observed drop in ransom payment rates signifies a positive trend indicating that the concerted efforts to combat this issue are steering the situation in the right directionppRansomware victims targeted by fake hackback offersppMGM casinos ESXi servers allegedly encrypted in ransomware attackppNissan Australia cyberattack claimed by Akira ransomware gangppLockBit claims ransomware attack on Fulton County GeorgiappRansomware payments reached record 11 billion in 2023ppI disagree about the paymentban
The companies that would rely on the blackmarket would be paying criminals anyway but be sure that many would think twice if the law was properly enforced
Therere a couple of ways to make things work in the intended way but none would be simple like anything in this world
Since US and most countries are not willing to bite the bullet lets continue bleeding billions and financing the cybercriminal world a little less each time until the next grath bounce and we will be reading the same stuff again in reportsppI guess operating systems encouraging users to sync files with cloud storage is paying off ppGotta give credit where credit is due things were really this well planned in the long term Evidence suggesting it can be done afterallppNot a member yet Register NowppHackers used new Windows Defender zeroday to drop DarkMe malwareppMicrosoft February 2024 Patch Tuesday fixes 2 zerodays 73 flawsppMalwarebytes AntiMalwareppWindows Repair All In OneppMcAfee Consumer Products Removal toolppAdwCleanerppEverything Desktop SearchppTerms of Use Privacy Policy Ethics Statement Affiliate DisclosureppCopyright 2003 2024 Bleeping Computer LLC All Rights ReservedppNot a member yet Register NowppRead our posting guidelinese to learn what content is prohibitedp