Ransomware payments drop to record low as victims refuse to pay

[rbc]

The number of ransomware victims paying ransom demands has dropped to a record low of 29% in the final quarter of 2023, according to ransomware negotiation firm Coveware.

This trend became apparent in mid-2021 when the payment rate dropped to 46% after previously being 85% at the start of 2019.

According to Coveware, the reason for this continual drop is multifaceted, including better preparedness by organizations, a lack of trust towards cybercriminals promising not to publish stolen data, and legal pressure in some regions where paying a ransom is illegal.
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Ransomware payments drop to record low as victims refuse to pay