Summary:
A new report from Chainalysis highlights a promising shift in the ransomware landscape from 2023 to 2024: more victims are refusing to pay ransoms. As a result, total ransomware payments dropped by approximately 35%, from $1.25 billion in 2023 to $813.55 million in 2024. This decline is attributed to increased law enforcement actions, the dismantling of major ransomware groups, and improved cybersecurity measures across organizations.

Despite high-profile attacks, such as the breach of Snowflake accounts and the disruptive ransomware incident at pathology services provider Synnovis, law enforcement efforts significantly impacted the ransomware ecosystem. Key operations included the takedown of LockBit’s infrastructure, the unmasking of its leader and affiliates, legal actions against developers of LockBit and Phobos ransomware, and the disruption of groups like Radar/Dispossessor and ALPHV/BlackCat, which collapsed after an exit scam. These disruptions prevented any single ransomware group from dominating the market as in previous years, leading to a rise in smaller, independent operators targeting small- to mid-sized organizations with lower ransom demands.

Another factor contributing to the decline in ransom payments is the improvement in cyber hygiene and overall organizational resilience. However, ransomware operations have also evolved. Groups such as RansomHub, which absorbed former affiliates of LockBit and ALPHV/BlackCat, have continued to carry out attacks. Akira and Fog, believed to be linked, have also been highly active. Chainalysis observed that ransomware actors are now engaging with victims more quickly, often initiating negotiations within hours of data exfiltration. However, attackers are also spending more time inside compromised networks before deploying ransomware, likely to expand access, evade detection, and identify valuable data for exfiltration.


Security Officer Comments:
Cisco Talos reported a significant increase in the use of remote access tools in ransomware attacks, appearing in 100% of cases in the most recent quarter compared to just 13% in the previous one. Additionally, Rapid7’s 2024 Ransomware Landscape report highlighted a growing trend of multiple ransom demands, where attackers request separate payments for decrypting data, preventing leaks, and avoiding further attacks such as DDoS or direct contact with victims’ partners and clients. These developments suggest that while ransomware groups face increasing pressure, they are adapting tactics to maintain profitability.

Suggested Corrections:
Backup your data, system images, and configurations, regularly test them, and keep the backups offline: Ensure that backups are regularly tested and that they are not connected to the business network, as many ransomware variants try to find and encrypt or delete accessible backups. Maintaining current backups offline is critical because if your network data is encrypted with ransomware, your organization can restore systems.

Update and patch systems promptly: This includes maintaining the security of operating systems, applications, and firmware in a timely manner. Consider using a centralized patch management system; use a risk-based assessment strategy to drive your patch management program.

Test your incident response plan: There's nothing that shows the gaps in plans more than testing them. Run through some core questions and use those to build an incident response plan: Are you able to sustain business operations without access to certain systems? For how long? Would you turn off your manufacturing operations if business systems such as billing were offline?

Check Your Security Team's Work: Use a 3rd party pen tester to test the security of your systems and your ability to defend against a sophisticated attack. Many ransomware criminals are aggressive and sophisticated and will find the equivalent of unlocked doors.

Segment your networks: There's been a recent shift in ransomware attacks – from stealing data to disrupting operations. It's critically important that your corporate business functions and manufacturing/production operations are separated and that you carefully filter and limit internet access to operational networks, identify links between these networks, and develop workarounds or manual controls to ensure ICS networks can be isolated and continue operating if your corporate network is compromised. Regularly test contingency plans such as manual controls so that safety-critical functions can be maintained during a cyber incident.

Train employees: Email remains the most vulnerable attack vector for organizations. Users should be trained on how to avoid and spot phishing emails. Multi-factor authentication can help prevent malicious access to sensitive services.

Link(s):
https://www.helpnetsecurity.com/2025/02/06/global-ransomware-payments-2024-decrease/