Ransomware Attacks Hit Record Levels in 2024 Despite Law Enforcement Crackdowns

A cyber security expert noted that this year saw four eight-figure payments due to successful ransomware attacks, including a $22 million payment by a major health tech company. Data-theft-only attacks have risen by 30%, as some threat actors decide to not encrypt their victim’s systems and instead focus only on data theft. While authorities have disrupted significant ransomware operations, active groups have increased by 30% year-over-year, with 31 new groups emerging. There is a growing debate on banning ransom payments to deter these escalating cyber attacks.?

Why it matters: There have been several incidents of authorities shutting down major ransomware operations this year, including the seizing and disruption of LockBit. As such, you'd be forgiven for thinking that ransomware is declining, but it's not. According to an expert, 2024 is set to be another record-breaking year for this type of malware, with victims handing over more money than ever before.?

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