"Ransomware Payments Hit $1bn All-Time High in 2023"

According to security researchers at Chainalysis, ransomware actors collected over $1bn in extortion money from their victims in 2023, a record high.  The researchers noted that this is a conservative estimate of the financial impact of ransomware last year, as new cryptocurrency addresses are likely to be discovered over time.  The researchers said the figure for 2022 has already been revised up 24% to $567m, for example.  The figure also does not capture other costs associated with ransomware breaches, such as operational disruption, lost customers, and expenses related to third-party incident response and forensics.  The researchers noted that the past year saw an increase in the use of bridges, instant exchangers, and gambling services, alongside centralized exchanges and mixers as a preferred method of laundering funds.  The researchers noted that this is most likely a result of takedowns disrupting preferred laundering methods for ransomware, some services’ implementation of more robust AML/KYC policies, and also as an indication of new ransomware actors’ unique laundering preferences.

Infosecurity Magazine reports: "Ransomware Payments Hit $1bn All-Time High in 2023"