Data hijacking is becoming one of the biggest cybercrimes of recent times, with the scourge growing 94 percent last year and demanding over 1.1 billion dollars in ransom, to be paid with bitcoins. The figures are from the 2024 Cryptocrime Report by firm Chainalysis, which revealed cybercriminals’ strategy to target victims with the capacity to pay up to 1 million dollars or more for the ransom of information. Experts warn that no one is safe from this ‘curse’ of technology, as the world increasingly relies on sensitive data and information.
Chainalysis researchers identified an increase in new “players” and strains of ransomware, attracted by the potential for benefits and low barriers to entry. The historical maximum of payments for ransomware shows that it is a latent threat that will get worse, resulting in massive losses for companies that directly affect their productivity. Given the alarming growth of this illicit activity, the expert points out that understanding the ransomware ecosystem is vital to identify possible attacks and dismantle data theft strategies.
The expert also highlighted the impact of initial access brokers (IABs), which make it easier for criminals to carry out ransomware attacks. The report also indicates how cybercriminals are laundering ransomware funds, with low levels of concentration of funds and the evolution of money laundering preferences making the criminal puzzle much clearer for authorities.
This issue requires the effort of the government, law enforcement agencies, technology providers, and the support of victim organizations to confront these attacks. The application of more robust security policies and the evolution of money laundering preferences by criminals have made the criminal puzzle much clearer for the authorities, who have the objective of ending this form of cybercrime.