Ransomware generates big money for the groups behind it, with new research confirming (some) of the scale of the problem. Chainalysis, a blockchain research firm, looked at data from monitored cryptocurrency wallets, concluding that around $449 million has been taken from victims in the last six months.
As The Record correctly notes, the actual figure will likely be significantly higher because only monitored wallets are included in the study. In terms of what’s going on out there, payments under $1,000 and above $100,000 are both on the up. It’s claimed that ransomware groups could pull in around $900 million in 2023, with the return of “big game hunting” being one of the key factors for the bump.
What is big game hunting? Well, this is the practice of targeting large, financially well-off corporations in order to secure the biggest possible payouts. Even with the increase in attacks on smaller companies, taking on the big entities is where the most enticing payouts are waiting to be had.
As an example of payout sizes, BlackBasta’s 2023 average payment size is $762,634 and its median is $147,106. Cl0p checks in with a $1,730,486 average and a $1,946,335 median. At the other end of the scale the smaller, less sophisticated deployments such as Phobos creep into view with a $1,719 average and a $300 median.
No matter the size of the payment, they are ultimately securing said payments and continuing to make bank. It’s also suspected that as more firms refuse to pay their extortionists, so too are the ransomware authors responding by increasing their ransom demands. The research also notes that additional tactics are being used in cases of non payment to u ..
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