Ramsomware hackers made off with over €1bn last year

The commercialisation of ransomware – a phenomenon in which advanced hackers sell malware to others and take a cut of the proceeds – has made it easier to conduct such breaches

Ransomware gangs are increasingly turning to a “big game hunting” strategy, which means they conduct fewer attacks throughout the year but collect bigger payments each time

Ransomware gangs stole more than $1 billion in 2023, the largest amount ever recorded, according to a report published Wednesday by blockchain analysis firm Chainalysis.

With ransomware hacks, cybercriminals block access to a victims’ data or files until they pay an extortion fee, typically through cryptocurrency. In 2023, hackers nearly doubled the funds stolen in 2022 and exceeded previous records made in a ransomware boom during the pandemic, according to the report. Chainalysis said ransomware ...