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Ransomware Is in Decline

If the housing market has got you down, here’s some good news: ransomware attacks are also on the decline, according to The Wall Street Journal (subscription).

The data: “Alphabet Inc.’s Mandiant cybersecurity group said it had responded to fewer ransomware intrusions in 2022—a 15% decrease from 2021.”

  • “CrowdStrike Holdings Inc., another U.S. cybersecurity firm, said it saw a drop in average ransom-demand amounts, from $5.7 million in 2021 to $4.1 million in 2022 ….”
  • “The blockchain-analytics firm Chainalysis Inc. says that payments that it tracked to ransomware groups dropped by 40% last year, totaling $457 million. That is $309 million less than 2021’s tally.”

Why it’s happening: Cybersecurity officials attribute the decline to improvements in cyber defenses, U.S. sanctions against ransomware perpetrators and even layoffs at a major ransomware gang due to the economic downturn.

FBI in action: The FBI has also had some notable successes against ransomware attacks, regaining $2.3 million paid during the Colonial Pipeline attack in 2021.

  • In addition, “The FBI said last month that it disrupted $130 million in potential ransomware profits last year by gaining access to servers run by the Hive ransomware group and giving away the group’s decryption keys—used to undo the effects of ransomware—for free.”

What you can do: Your company can harden its own defenses by signing up for NAM Cyber Cover, which offers cyber insurance and proactive monitoring. Learn more about this exclusive program for manufacturers.

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