Ransomware Losses 2023 — Over $1 Billion

Ransomware attacks are usually hacks that block access to data, files of computers until the victims pay whatever extortion fee the criminals decide. Chainalysis is a blockchain analysis company. It took a look at ransomware attacks in 2023 and found losses topped $1 billion. That is the largest amount ever recorded and is a big concern.

The 2023 take is double the $567 million stolen in 2022.

Chainalysis cyber threat intelligence head is Jackie Burns Koven. She said ransomware has now become commercialized. Hackers with advanced knowledge of the game sell malware to lesser players and then take a cut of the action.

This is one reason the numbers doubled from 2022 to 2023.

Many of these gangs — since enforcement is on their trail — are doing fewer attacks but are targeting bigger fish and bigger profits. Some are making as much as $1 million on a single attack.

Source link: Insurance Journal — https://bit.ly/3SLJlAS