The frequency of ransomware attacks has not changed significantly in 2022, but as more and more victims refuse to pay the ransom, the ransomware income of extortionists has decreased significantly. Chainalysis’ tracking of wallet addresses associated with ransomware attacks shows victims paying $457 million in ransoms in 2022, compared to $766 million in 2021. When victims discover that the hacking group behind the Conti ransomware has ties to Russia, they have even more reason to refuse to pay the ransom due to sanctions imposed by their own governments. Cybersecurity analytics firm Coveware has observed a similar trend, with the percentage of victims paying ransom falling from 85% in Q1 2019 to 37% in Q4 2022.
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