New Data Shows Ransomware Attacks Surged in 2023, Extracting Over $1 Billion
A recent blog post by market intelligence platform Chainalysis reveals that ransomware attacks made a comeback in 2023, extorting more than $1 billion from investors throughout the year. The firm predicts that this trend will continue to rise.
Chainalysis highlights that ransomware payments in 2023 reached an all-time high, surpassing the $1 billion mark. Although there was a decline in payment volume in 2022, the overall trend from 2019 to 2023 indicates that ransomware is becoming an increasingly pressing issue.
Recorded Note, a cybersecurity firm, reported that 538 new ransomware variants emerged in 2023, suggesting an increase in the number of groups or individuals involved in these attacks. Allan Liska, a cybersecurity expert at Recorded Note, notes the significant growth in the number of threat actors carrying out ransomware attacks.
Chainalysis also observes that bad actors are reusing older ransomware codes to create new strains. This suggests a growing number of new players entering the field due to the potential for high profits and lower barriers to entry.
Changing Tactics and Obfuscation Methods
In response to increased defenses by platforms, Chainalysis notes a shift in preferred methods for obfuscating stolen funds in 2023. While centralized exchanges and mixers have traditionally played a significant role in laundering ransomware payments, new services such as bridges, instant exchangers, and gambling platforms have gained traction.
This change may be attributed to takedowns disrupting preferred laundering methods for ransomware payments, stricter anti-money laundering (AML) and know your customer (KYC) policies implemented by some services, as well as unique preferences of new ransomware actors.
Hot Take: Ransomware Attacks Surge in 2023, Extracting Over $1 Billion
Ransomware attacks experienced a resurgence in 2023, with cybercriminals extorting more than $1 billion from victims, according to market intelligence platform Chainalysis. The year saw a rise in the frequency, scope, and volume of attacks carried out by various actors, from large syndicates to smaller groups and individuals.
The proliferation of new ransomware variants indicates a growing number of threat actors involved in these attacks. Bad actors are also reusing older ransomware codes to create new strains, attracting new players seeking high profits and lower barriers to entry.
As platforms strengthened their defenses, ransomware actors shifted their obfuscation methods. While centralized exchanges and mixers were commonly used for laundering payments in the past, new services such as bridges, instant exchangers, and gambling platforms gained popularity.
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