Ransomware payments dropped by 35% in 2024, totaling $814 million, as more victims declined to pay ransoms, according to Chainalysis. Despite a rise in ransomware attacks, less than half resulted in payments. Factors contributing to this decline include increased law enforcement actions and victims' growing distrust that paying ransoms would ensure the deletion of stolen data. Notably, incidents involving United Healthcare and LockBit revealed that payments did not guarantee data deletion. Additionally, victims are better equipped to resist demands due to improved cyber hygiene and often opt for restoring data from backups rather than paying ransoms. Ransomware gangs also face challenges in cashing out their profits, with a significant decline in the use of crypto mixers attributed to law enforcement sanctions. Chainalysis noted a caution among ransomware operators in managing their funds amid increasing scrutiny. Although the trends in 2024 indicate a significant impact from law enforcement, experts warn it might be premature to celebrate, as motivations for large-scale attacks could resume in 2025.

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