"2023 Sees Record $1.1 Billion in Ransomware Payments"

Ransomware payments reached a record $1.1 billion in 2023, surpassing previous highs and reversing the decline seen in 2022. The resurgence of ransomware was attributed to escalating attacks against major institutions and critical infrastructure, with groups like Clop employing a "big game hunting" strategy to target large, deep-pocketed victims for substantial payments. Ransomware gangs are adapting to a decline in ransom payments by shifting towards targeting larger companies, and the laundering of ransom payments primarily involves mixing services, underground exchanges, and platforms without KYC requirements. Despite a decline in victims opting to pay, 2023 has been a profitable year for ransomware gangs, but efforts to discourage ransom payments may lead to a critical point where ransomware operations become financially unsustainable.