"MOVEit Hack Could Earn Cybercriminals $100M as Number of Confirmed Victims Grows"
Security researchers at Coveware believe that the Cl0p ransomware gang could earn as much as $100 million from the MOVEit hack. The researchers found that the percentage of victims that paid a ransom in the second quarter of 2023 fell to a record low of 34%. The researchers stated that the chances of cybercriminals getting paid in the case of attacks that only involve data theft without the deployment of file-encrypting ransomware, such as the MOVEit hack, is less than 50%, but the ransom amount has been typically higher. The researchers noted that while the MOVEit campaign may end up impacting over 1,000 companies directly, a tiny percentage of victims bothered trying to negotiate, let alone contemplated paying. Those that did pay paid substantially more than prior Cl0p campaigns and several times more than the global average ransom amount of $740,144. The researchers claimed that the Cl0p group might earn $75-100 million dollars just from the MOVEit campaign, with that sum coming from just a small handful of victims that succumbed to very high ransom payments.