• Chainalysis has found that ransomware earnings have decreased significantly in 2022 due to victims becoming less willing to pay up.
• Over 10,000 unique strains of ransomware were active in the first half of the year alone.
• Chainalysis also noted that the “true totals” of ransomware attacks could be much higher than reported.
In its new report, Chainalysis has shed light on the changing dynamics in the ransomware industry, particularly in the year 2022. The blockchain analytics company found that ransomware earnings have significantly dropped due to victims becoming less reluctant to pay the attackers. This is a trend that was echoed by the 10,000 unique strains of ransomware that were active in the first half of 2022 alone.
The report also noted that the “true totals” of ransomware attacks could be much higher than reported. This is because victims are often too embarrassed to report the attacks and it is difficult to trace the perpetrators. Moreover, the report highlighted that the malicious code is often so sophisticated that it can slip past antivirus software.
The report also discussed how ransomware attackers have increasingly shifted their focus to target larger enterprises and organizations. This is because the attackers believe that these entities are more likely to pay up out of fear or desperation. The report noted that in some cases, attackers have demanded up to $50 million in ransom payments.
In the report, Chainalysis also noted the emergence of ransomware-as-a-service (RaaS). This is when attackers rent out their ransomware code to other criminals. This enables criminals to launch their own ransomware campaigns with minimal technical know-how.
The report concluded by urging victims to refuse to pay up if they are targeted by ransomware attackers. The company noted that paying up only encourages the attackers, and that there are other ways to mitigate the damage without giving in to the demands.
Overall, Chainalysis’ report provides a valuable insight into the ransomware industry and how it has changed over the past year. The report highlights the need for victims to take more proactive steps to protect themselves and to refuse to pay up if they are targeted by ransomware attackers. It is clear that the ransomware industry is evolving, and it is essential for victims to stay ahead of the curve.