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From the Cybersecurity News Desk

Organizations Improving Cyber Defenses are Lowering Ransomware Payouts

It’s getting harder to profit from victims of ransomware attacks because organizations are taking stronger precautions to better handle such attacks before and when they happen.  Coveware, a ransomware remediation firm and Chainalysis, a blockchain analysis firm, recently reported that the percentage of those making ransomware payments has been steadily declining.

The report indicates that 41% of organizations paid ransoms in 2022, down from 50% in 2021. Chinalysis reported that total ransomware revenue fell by 40.3% year-over-year, dropping from $765.6 million in 2021 to $456.8 million in 2022. 

The report cites cyber insurance and proactive planning as two of the significant reasons for the decline in ransomware profit. Organizations have also improved their defenses, monitoring, and incident response plans for ransomware attacks, promoting quicker recovery.  Consequently fewer organizations find themselves in a position where they have little alternative other than paying the ransom.


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