In the latter half of 2024, ransomware payments decreased markedly to $813.6m from $1.25bn the previous year, primarily due to increased law enforcement actions and victims refusing to pay. While payments increased slightly earlier in the year, they dropped sharply by 37.5% in the second half. Although this decline may imply weaker criminal operations, ransomware tactics are evolving with new strains and accelerated attack methods. Moreover, the current landscape has seen a rise in lone actors and newcomers focusing on smaller enterprises, as the traditional criminal gangs have not regained lost market share.
The total value of payments made to ransomware gangs fell from $1.25bn in 2023 to about $813.6m in 2024, as more victims refrained from paying.
Analysts suggest that law enforcement actions and international cooperation significantly contributed to the decline of ransomware payments in the latter half of 2024.
Ransomware operations are evolving, with attackers using new strains and shifting tactics, reflecting an adaptive and agile threat environment.
The current ransomware ecosystem features newcomers targeting small to mid-sized markets with modest ransom demands, rather than traditional organized gangs.
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