Ransomware actors are projected to have their most profitable year in 2024 [2], with over $1B in ransoms paid in 2023 [1].
Description
This year saw the largest single payment ever recorded at approximately $75M to the Dark Angels group [3], representing a 96% year-over-year growth in maximum payment from 2023 [3]. High-profile attacks such as the Cl0p exploit of the MoveIT zero-day and the ALPHV/BlackCat ransomware group’s exploit of Caesars’ hotel properties contributed to this record [1]. Despite disruptions from law enforcement operations, ransomware activity has remained steady [3], with new groups emerging and employing new methods for attacks [3]. Huge sums are still flowing to mainly Russian cybercriminals [2], with over $1bn made in 2023. Additionally, there has been a resurgence in crypto theft via hacking [2], with over $1.6bn stolen by the end of July [2], an 84% increase from the previous year [2]. Threat actors [2], including North Korean operatives [2], are using sophisticated tactics like social engineering to steal crypto [2]. Chainalysis emphasizes the importance of disrupting cybercrime supply chains to combat these illegal activities [2]. Overall, crypto crime profits have seen a year-to-date decline of nearly 20% [2], but this figure is expected to increase as more illicit addresses are identified [2].
Conclusion
The rise in ransomware payments and crypto theft highlights the need for enhanced cybersecurity measures and international cooperation to combat cybercrime. Efforts to disrupt cybercrime supply chains and identify illicit addresses are crucial in mitigating the impact of these illegal activities. As threat actors continue to evolve and employ sophisticated tactics, it is imperative for organizations and law enforcement agencies to stay vigilant and proactive in addressing cybersecurity threats.
References
[1] https://noti.mx/2024/08/15/2024-has-seen-a-number-of-positive-developments-for-the-cryptocurrency-ecosystem-in-many-ways-crypto-has-continued-to-gain-mainstream-acceptance-following-the-approval-of-spot-bitcoin-and/
[2] https://www.infosecurity-magazine.com/news/another-record-year-ransomware/
[3] https://www.chainalysis.com/blog/2024-crypto-crime-mid-year-update-part-1/
