Ransomware payment rate plummets to record low

Only 29% of organizations impacted by ransomware incidents paid the amount demanded by their attackers during the fourth quarter of 2023, which is the lowest ransomware payment rate yet and a far cry from the nearly 60% of victims resolving ransomware demands three years ago, PCMag reports. Such a decline has been brought upon by organizations' increasing proficiency in dealing with ransomware attacks, as well as their growing awareness of the uncertainty of data recovery should they fulfill the demands of their attackers, a Coveware report showed. However, the findings revealed a year-over-year increase in average ransomware payments, as well as the inadequacy of long-term partnerships between ransomware-hit entities and law enforcement. "We would estimate that less than 10% of those same [ransomware] victims, when contacted by law enforcement for further assistance in the months and years afterwards, actually continue to collaborate. This lack of follow through badly hamstrings law enforcement bodies as they can not bring investigations to a close without collecting proper evidence from victims," said Coveware.

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