Ransomware gangs continued to wreak havoc in 2024, but new research shows that the amounts victims paid these cybercriminals fell by hundreds of millions of dollars.

Ransomware payments fell by more than one-third in 2024 as an increasing number of victims refused to negotiate with hackers. In a report published

The overall number of attacks increased, according to Chainalysis, but several large hacking groups left the scene.

Payments to ransomware actors decreased 35% year-over-year in 2024, totaling $813.55 million, down from $1.25 billion recorded in 2023.

Ransomware payments dropped 35% in 2024, marking the first decline in years as law enforcement crackdowns and improved victim resilience reshaped the landscape.

Hackers extracted far less money in 2024 than 2023 from victims, says a new report, but now is not the time for complacency.