Fewer, High-Profile Ransomware Attacks Are Yielding Higher Ransoms

Analysis of cryptocurrency payments made on the blockchain highlights shifts in the size and frequency of ransomware attacks and may paint a bleak picture for the remainder of the year.

Each quarter, blockchain analysis company, Chainalysis, analyzes cybercriminal activity from the perspective of blockchain use to facilitate payments, crypto theft, etc.

In their 2024 Crypto Crime Mid-year Update Part 1, we see a few notable changes in ransomware attacks:

• 2024 is set to be the highest-grossing year yet for ransomware payments
• The median ransom payment made to ransomware strains receiving a minimum of $1 million, spiked from just under $200,000 in early 2023 to $1.5 million in mid-June 2024

Chainalysis provides a very interesting chart to visualize ransomware payments made over time.  As the chart below shows, we’re seeing a trend where ransomware payments are increasing:

Source: Chainalysis

According to the data in the chart, the median payment size in the first week of 2023 was just $198,939. In comparison, the median payment in mid-June of 2024 was $1.5 million – a nearly 800% increase! Remember – these are payments and not demands; so we’re seeing the real impacts of ransomware attacks, which are trending towards being more expensive.

This is a key reason why organizations need to focus on preventing such attacks to a greater degree – which should include protection against phishing attacks via security awareness training to ensure an organization’s users act as part of the defenses, siding with vigilance when interacting with a potentially malicious email or website, rather than simply becoming a victim and enabling an attack.

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