Although malware attacks aren't necessarily declining, cybercriminals' profits are, new analysis says.
But that drop in profit doesn’t mean the number of ransomware attacks—in which bad actors demand payment in exchange for stolen and encrypted data
—is down by the same proportion, the analysis notes. “Instead, we believe that much of the decline is due to victim organizations increasingly refusing to pay.” Most ransomware payments and extortion takes place on the blockchain via cryptocurrency. To come up with the estimates of ransomware profit, Chainalysis analysts tracked funds moving between Bitcoin wallets known to be linked to ransomware crews. It’s an imperfect method, which the report authors note likely results in a significant undercount of total funds payed to ransomware groups. In fact, the U.S.
, much higher than Chainalysis’ $765 million estimate. However, the company says the trend still holds—using the same methods year to year, Chainalysis has found way less money exchanging hands.Other analyses have found that ransomware attacks declined between last year and 2021's pandemic-related peak. Allan Liska, a ransomware expert at intelligence firm Recorded Future, told Chainalysis that he estimated the number of attacks dropped by about 10.4%.
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