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Ransomware Is on the Decline

Let’s take a break from worrying about the economy to consider some good news: ransomware payments are declining, thanks to the efforts of the U.S. government and its international partners, according to Bloomberg.

The numbers: “Ransom payments fell to $456.8 million in 2022, a steep drop from the $765.6 million reported in 2021, according to the blockchain analysis firm Chainalysis, which tracks such payments by examining crypto wallets.”

  • “The cyber incident response firm Coveware, meanwhile, said the number of clients that pay a ransom decreased to 41%. That’s a massive decline from the 76% that paid in 2019.”

Why it’s happening: The U.S. government committed to tackling ransomware attacks about two years ago, and those efforts may be paying off.

  • “Contributing to this effort are U.S. sanctions against businesses that facilitate extortion payments, targeted shutdowns of marketplaces frequented by hackers and a new wave of regulations designed to bolster the cybersecurity defenses of businesses.”

Worth noting: There are also other factors at play, including that “suspected scammers keep getting arrested, hacking groups fall apart amid internal infighting [and] security firms are keeping pace with the latest malware strains.”

Get covered: Ransomware is still a real threat, and there are many other dangers out in cyberspace, as we all know. If you’re interested in hardening your company’s defenses, check out NAM Cyber Cover, which provides cyber insurance, proactive monitoring and more.

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