According to a recent report from blockchain data platform Chainanalysis, cybercriminals have seen a significant drop in their earnings due to the increased refusal of people to pay the ransom following ransomware attacks. The report revealed that there has been a 40 percent decrease in payments made by victims of ransomware attacks over the last two years.
Ransomware is a type of malicious software designed to lock up files and data until payment is received. It has become an increasingly popular form of attack for criminals seeking financial gain since it can allow them to make quick money while also avoiding detection. Over the past few years, ransomware attacks have become more sophisticated and harder to detect.
There are several reasons why ransomware lifespans are dropping such as:
– The increased use of anti-ransomware software. As more organisations and individuals use anti-ransomware software to protect their systems, the lifespan of ransomware attacks may be shorter, as the malware is detected and neutralised more quickly.
– Improved incident response. As organisations and individuals become more familiar with the signs of a ransomware attack and have better incident response plans in place, they are able to quickly detect and respond to the attack, which can shorten the lifespan of the ransomware.
– The development of decryption tools, some security researchers have been able to develop decryption tools that can help victims recover their data without paying the ransom. This can significantly shorten the lifespan of a ransomware attack.
– More effective law enforcement action. Law enforcement agencies have been successful in shutting down some larger ransomware operations and gangs. This can also shorten the lifespan of a ransomware attack.
– Cyber insurance and the involvement of specialised teams. More companies are now using cyber insurance and have specialised teams to deal with ransomware attacks, this also can shorten the lifespan of a ransomware attack.
As ransomware attacks continue to increase, many people are now refusing to pay the ransom demanded by criminals. According to Chainanalysis’ findings, the number of payments made in response to ransomware demands has dropped significantly since 2018. This is likely due in part to increased awareness of the risks posed by ransomware attacks and the improved security measures being taken by organisations and individuals alike.
Increased Security Measures Lead To Difficulties For Cybercriminals
The report also revealed that cybercriminals have had difficulty adjusting their tactics as more people refuse to pay the ransom. As a result, they are having difficulty finding new victims and earning the same levels of profit they were previously able to achieve.
The 40% drop in ransomware earnings has had a major impact on cybercriminals and their ability to generate profits through these attacks. The reduced revenue from ransomware is likely to lead criminals to shift their tactics and focus more of their efforts on other forms of cybercrime such as malware, phishing scams, or DDoS (distributed denial-of-service) attacks.
Overall, these findings highlight the importance of organisations and individuals taking increased security measures against ransomware attacks. By refusing to pay the ransom, victims can help ensure that cybercriminals are unable to successfully carry out their attacks and earn a profit. This is a positive step towards reducing the prevalence of ransomware attacks and keeping our data safe from cyber criminals.
If your organisation or individual has been affected by a ransomware attack, you may have questions about how to best recover from the attack and protect yourself from future attacks. We Do Your IT offers a range of services and solutions that can help you stay secure against ransomware and other cyber threats. Contact us today to find out more.
