A new report estimates ransomware payments in 2021 were at least $602 million, but the actual amount could be much higher.
On February 10, analytics firm Chainalysis released new data on cryptocurrency-related ransomware activity in 2021. However, she stated that the total cost is likely to exceed the $692 million taken in 2020.
“In fact, despite these numbers, the anecdotal evidence, plus the fact that ransomware revenue in the first half of 2021 exceeded that in the first half of 2020, suggests that 2021 will eventually be even bigger. year for ransomware. “.
The average ransomware payment hit an all-time high of $118,000 in 2021. This is 26% more than the average of $88,000 in 2020. large organizations are targeted by ransomware.
Last year also saw more active strains of ransomware than any other year. No fewer than 140 strains received crypto payments, up 21 more than in 2020 and 61 more than in 2019.
Conti was the most active ransomware strain in 2021. In 2021, he withdrew almost $200 million through cryptocurrency. Conti, allegedly based in Russia, is a ransomware syndicate that sells its program as a service to affiliates for a fee.
Darkside came in second behind Conti, receiving nearly $100 million in cryptocurrencies. Darkside is the organization that last year held the Colonial Pipeline hostage and demanded a ransom payment in bitcoin (BTC).
While the report states that most strains of ransomware come and go in waves, remaining active for a short amount of time before becoming dormant, Conti has been active throughout 2021. More often than not, ransomware groups go out of business and then reopen under a new name.
The rebranding trend saw the average warp last only 60 days in 2021, 2.8 times lower than the 2020 average of 168 days.
Related: Google Cloud for Cryptomining Malware Detection on Virtual Machines
Chainalysis concluded that while most ransomware attacks are financially motivated, others appear to have geopolitical goals related to “deception, espionage, reputational damage, and disruption to the operations of an adversary government.”
He pointed out that despite the benefits of using cryptocurrencies to carry out ransomware attacks, the transparency of cryptocurrency transactions makes it easier for authorities to trace the movement of funds. North Korea has repeatedly used cryptocurrencies for years to circumvent economic sanctions.
A new report estimates ransomware payments in 2021 were at least $602 million, but the actual amount could be much higher.
On February 10, analytics firm Chainalysis released new data on cryptocurrency-related ransomware activity in 2021. However, she stated that the total cost is likely to exceed the $692 million taken in 2020.
“In fact, despite these numbers, the anecdotal evidence, plus the fact that ransomware revenue in the first half of 2021 exceeded that in the first half of 2020, suggests that 2021 will eventually be even bigger. year for ransomware. “.
The average ransomware payment hit an all-time high of $118,000 in 2021. This is 26% more than the average of $88,000 in 2020. large organizations are targeted by ransomware.
Last year also saw more active strains of ransomware than any other year. No fewer than 140 strains received crypto payments, up 21 more than in 2020 and 61 more than in 2019.
Conti was the most active ransomware strain in 2021. In 2021, he withdrew almost $200 million through cryptocurrency. Conti, allegedly based in Russia, is a ransomware syndicate that sells its program as a service to affiliates for a fee.
Darkside came in second behind Conti, receiving nearly $100 million in cryptocurrencies. Darkside is the organization that last year held the Colonial Pipeline hostage and demanded a ransom payment in bitcoin (BTC).
While the report states that most strains of ransomware come and go in waves, remaining active for a short amount of time before becoming dormant, Conti has been active throughout 2021. More often than not, ransomware groups go out of business and then reopen under a new name.
The rebranding trend saw the average warp last only 60 days in 2021, 2.8 times lower than the 2020 average of 168 days.
Related: Google Cloud for Cryptomining Malware Detection on Virtual Machines
Chainalysis concluded that while most ransomware attacks are financially motivated, others appear to have geopolitical goals related to “deception, espionage, reputational damage, and disruption to the operations of an adversary government.”
He pointed out that despite the benefits of using cryptocurrencies to carry out ransomware attacks, the transparency of cryptocurrency transactions makes it easier for authorities to trace the movement of funds. North Korea has repeatedly used cryptocurrencies for years to circumvent economic sanctions.
