Ransomware hackers raked in $1 billion last year from victims
Victims of ransomware paid their attackers more than $1 billion last year, a new report has found, a record high.
Victims of ransomware paid their attackers more than $1 billion last year, a new report has found, a record high that shows that many cybercriminals are raking in money by extorting people and institutions with near impunity.
The figure comes from a study of 2023 ransomware payments conducted by Chainalysis, a company that tracks cryptocurrency payments around the world.
Ransomware attacks happen when criminal hackers break into the computer networks of organizations like businesses, hospitals or school systems. They encrypt their victims’ computers, steal sensitive files or both and demand payments in cryptocurrency for keys that could unlock those computers or promises not to leak the files. People involved in ransomware can be anywhere. Many major groups are Russian-speaking, and Russia does not extradite its citizens.
Despite efforts to contain the ransomware criminal ecosystem, the promise of wealth and the relative lack of consequences have spurred more ransomware hackers than ever before, said Jackie Koven, the head of cyber threat intelligence at Chainalysis.
“Newcomers are lured by the promise of lucrative returns, the low barriers of entry,” she said.
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