Chainalysis has published data that confirms the big business of Ransomware. The data for 2023 are absolute records: over $1 billion paid in ransom. And that’s just the tip of the iceberg. There’s more below.

Ransomware maintains its dominance as a major planetary cyber threat. These types of attacks are becoming more numerous, sophisticated, dangerous and massive. The “bad guys” have found a real treasure in infecting a personal computer, smartphone (or any electronic device) in order to block its operation and/or access to part or all of the device and take over files. From there, cybercriminals demand a certain amount of money from the user as a “ransom” for their release.

Although it is also used for other purposes (introducing malware, for computer control, espionage, theft of confidential information or simply damage on demand) His main motivation remains economic. And unfortunately, according to Chainalysis data, we continue to pay in a snowball that keeps rolling, allowing more victims to be blackmailed and the chain to continue.

The ransomware business

The year 2023 marked a new record for ransom payments: $1.1 billion. This is the highest number ever observed, and while 2022 saw a significant drop in the volume of ransomware payments, the overall trend from 2019 to 2023 suggests that the problem is on the rise. Additionally, the company says the figures are conservative estimates and will likely increase as more cases are detected as usual.

And in 2023, cyber criminals intensified their operations and focused high profile institutions and critical infrastructureincluding hospitals, schools and government agencies. Major ransomware attacks have also been carried out on the supply chain. “The events of the past year point to the changing nature of this cyber threat and its increasing impact on global institutions and security in general.”

Last year saw a significant escalation in the frequency, scale and volume of attacks, and experts say there have been an astronomical increase in the number of personnel committing this type of attack. Security specialists say that 538 new ransomware variants appeared in 2023, which would confirm the emergence of new independent groups, even more difficult to control than the ‘classic’ ones.

Another problem for companies dealing with what is described as ransomware as a service (RaaS), where developers sell or rent malware to users on dark web forums. These affiliate schemes give low-level attackers the ability to distribute and manage ransomware campaigns, while the code developer receives a portion of each ransom victim’s decryption key payment. This allows cybercriminals to launch extortion campaigns even if they don’t have the skills to develop their own malware.

And also. All reports over the past five years indicate that cybercriminals are focusing on their scope of activity commercial and institutional segment. Where is the money and those who pay in this deplorable big business of ransomware. “Big game hunting” has become a dominant strategy in recent years, and a growing share of all ransomware ransom volume is payments of $1 million or more.

In these business scenarios, high profile and personal level security solutions are required to take a number of measures against this threat.