"Ransomware Payments Soar to Record $1.1 Billion in 2023"

Ransomware payments hit a record $1.1 billion in 2023, marking the highest number measured for a single year and nearly twice as much as the year before. Despite a decrease in the percentage of ransomware victims paying ransoms, the total sum collected by ransomware gangs is growing as more cybercriminals are drawn to the lucrative industry and carry out more attacks. The record-breaking payments were driven by a spike in the number of attacks and hackers demanding larger sums from carefully chosen victims. The continued growth of the ransomware business underscores the need for further crackdowns on cryptocurrency crime and money laundering to prevent ransom payments from being liquidated.