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Ransomware payments surge to record-high $1.1 billion in 2023

February 12, 2024 World Crime & Legal

According to Chainalysis’ most recent research, which was made public on Wednesday, ransomware payments are expected to reach a record high of $1.1 billion in 2023.

An company located in New York said that ransomware attackers attacked several firms, including British Airways, and focused on infrastructure. As a result, ransom payments increased far above the $567 million sought in 2022. According to the statistics, this growing trend highlights the growing danger that ransomware poses.

Cybercriminals no longer only target big businesses; they are also targeting schools, hospitals, and even casinos. According to Chainalysis, these gangs utilize a method known as “big game hunting,” which allows them to conduct fewer but more effective assaults that produce greater ransom payments with every triumph.

Two casino businesses, Caesars Entertainment and MGM Resorts International, have experienced recent hacks. Numerous computer systems at hotels and casinos were suspended due to cybersecurity concerns at MGM Resorts. Large recovery expenses are often the consequence of these assaults; MGM Resorts had to spend $100 million for their recovery.

The paper also includes examples such as the ransomware assault on the US petroleum company Colonial Pipeline, which resulted in a multi-day stoppage of operations. Additionally, the US State Department declared a $10 million prize for information leading to the location or identity of leaders connected to the ransomware gang Hive, which has been known to demand ransom payments exceeding $100 million. It is important to note that the Department of Justice terminated this organization in January of the previous year.

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Original story by: The Hill

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