Ransomware payments fell sharply in 2024, dropping 33% from $1.1 billion to $734 million, according to a new Treasury Department report. The Financial Crimes Enforcement Network study offers cautious hope after ransomware payments skyrocketed 77% in 2023.
However, the number of attacks barely budged—1,476 incidents in 2024 versus 1,512 in 2023. Manufacturing bore the heaviest burden with 456 attacks and $285 million in payments, followed by financial services (432 incidents, $366 million) and healthcare (389 attacks, $305 million).
Officials identified 267 ransomware variants over three years, with ALPHV/BlackCat leading the pack. While the payment decline is encouraging, experts warn it's too early to declare victory over ransomware.
Source: CyberScoop