February 7, 2024 at 09:37AM
In 2023, ransomware payments surpassed $1.1 billion, a record high, contrary to the previous decline in 2022. This increase was attributed to major attacks on institutions and infrastructure. Certain threat groups, like Clop, adopted a “big game hunting” strategy, targeting large organizations for substantial payments. Money laundering was done through various channels, prompting law enforcement efforts. Despite some decline, ransomware operations remained profitable, posing a challenge to law enforcement.
Based on the meeting notes provided, it is clear that ransomware payments in 2023 have significantly increased, surpassing $1.1 billion for the first time and setting a new record. This surge marks a profitable period for ransomware gangs, particularly due to escalating attacks against major institutions and critical infrastructure, as well as the adoption of new strategies such as “big game hunting” to target large companies for larger ransom demands.
Additionally, it was noted that the laundering of ransom payments primarily occurred through mixing services, underground exchanges, and entities with no KYC requirements, leading to increased law enforcement operations against these activities.
Despite indications of a decline in ransomware victims opting to pay cyber criminals, the overall trend suggests that ransomware operations have remained profitable and sustainable in 2023. However, there are hopes that the trend of victims refusing to pay ransom will continue and potentially escalate, reaching a critical point where ransomware operations become financially unsustainable.
The key takeaways from these meeting notes are the significant increase in ransomware payments, the adoption of new strategies by ransomware groups, and the ongoing efforts of law enforcement to disrupt ransomware operations.