Ransomware, Threat Management

Cl0p to rake in up to $100M in MOVEit hack amid record low ransom payout rates

Widespread data exfiltration attacks exploiting a zero-day vulnerability in the MOVEit Transfer file transfer app that have already impacted hundreds of organizations may rake in $75 million to $100 million for the Cl0p ransomware operation, with the proceeds expected to come from very few of the victims, as the rate of ransomware victims paying attackers' demands dropped to 34%, which is the lowest on record, reports BleepingComputer. Significantly higher ransoms have been demanded by Cl0p as a result of the decline in data exfiltration ransomware payments, with the MOVEit compromise expected to be more lucrative than Cl0p's earlier Fortra GoAnywhere attacks, a Coveware report showed. "MOVEit had at least 10x more direct victims than both [Fortra and Accellion attacks], so CloP was able to focus on just the very largest and most likely to consider paying, even with well over 90% victims not even bothering to engage in a negotiation, let alone paying," said Coveware CEO Bill Siegel. The report also showed significantly fewer ransomware-as-a-service operations looking to compromise small enterprises.

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