Tech and Telecom

Ransomware Payments Cross $1.1 Billion in 2023

The cybercriminals have collected ransomware payments of over $1.1 billion in 2023.

This has been disclosed in a research of leading company research. The research shows that ransomware groups have grown in numbers and are notorious for attacking governments, specific high-profile organizations, or selective groups of people within an organization.

Kaspersky researchers closely monitored about 60 targeted ransomware groups in 2023, compared to about 46 groups in 2022, and discovered incidents that indicated collaboration between targeted ransomware groups.

In some cases, groups known for trading access points into corporate networks and systems sold initial points of entry to advanced ransomware groups that are capable of launching more sophisticated attacks.

Since cybercriminals have to cross multiple stages to launch a targeted ransomware attack, such collaborations allow them to save time and go straight into network reconnaissance or infection.

In 2023, marking its seventh year as a key contributor to the No More Ransom initiative, Kaspersky’s free decryption tools were downloaded more than 360,000 times, aiding data recovery for over 2 million users affected by ransomware.

However, despite these significant accomplishments, ransomware payments globally surpassed $1.1 billion in 2023, marking an unprecedented high.

“Targeted ransomware groups are very persistent and have a huge appetite for extortion. For example, if a victim refuses to pay ransom, the cybercriminals often threaten to make the stolen data public. In some cases, these cybercriminals also filed GDPR or SEC complaints in certain regions against the victim organizations for breaking data protection laws,” comments Maher Yamout, Senior Security Researcher at Kaspersky.

Published by
Shahzad Paracha