Record-Breaking Ransomware Year
Curated by
aaronmut
3 min read
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Based on reports from Chainalysis and Zscaler, ransomware attacks have surged dramatically in 2024, with victims paying a record-breaking $459.8 million in the first half of the year alone, including a staggering $75 million ransom payment by a single company.
Rise of Ransomware-as-a-Service
Ransomware-as-a-Service (RaaS) has emerged as a significant driver behind the surge in ransomware attacks. This subscription-based model allows even inexperienced cybercriminals to launch sophisticated attacks using pre-developed ransomware tools
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. Key aspects of RaaS include:
- Lowered technical barriers for attackers, with some RaaS kits available for as little as $40 per month1
- Profit-sharing models where affiliates can earn up to 80% of ransom payments3
- Provision of technical support, customization tools, and infrastructure management4
- Proliferation of new ransomware variants, with 10,666 new variants identified in the first half of 2022 alone5
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Impact of Law Enforcement Takedowns
Law enforcement agencies have intensified efforts to disrupt major ransomware operations in recent years. These efforts have led to significant takedowns of notorious groups like LockBit, ALPHV/BlackCat, and Hive
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. These actions have fragmented the ransomware ecosystem, forcing affiliates to migrate to less effective strains or develop their own variants3
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While the long-term impact remains uncertain, these disruptions have:
- Reduced the dominance of large Ransomware-as-a-Service (RaaS) platforms4
- Eroded trust within cybercriminal communities5
- Led to a proliferation of smaller, less sophisticated ransomware groups36
- Potentially decreased the overall success rate of attacks, with more organizations resolving incidents without paying ransoms6
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Big Game Hunting Strategy
Big game hunting has become the dominant strategy for ransomware attackers in recent years, focusing on high-value targets for larger payouts. This approach involves targeting large corporations, financial institutions, and critical infrastructure providers capable of paying multimillion-dollar ransoms
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. Key characteristics of big game hunting include:
- Careful target selection based on financial capability and likelihood of payment
- Extended reconnaissance periods, often lasting months, to study the target's IT systems
- Use of advanced ransomware strains and sophisticated attack methods
- Emphasis on data exfiltration for double extortion tactics
- Demand for significantly higher ransom amounts, with median payments increasing from $200,000 in early 2023 to $1.5 million by mid-202434
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Related
What are the key characteristics of a high-value target in big game hunting
How do hackers typically identify and select their big game hunting targets
What are the most common vulnerabilities exploited in big game hunting attacks
How can organizations detect and prevent big game hunting attacks
What role do nation-state actors play in big game hunting ransomware attacks
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