According to Chainlasysis, ransomware revenue fell sharply between 2021 and 2022, from $766 million to $457 million. If these figures are encouraging, there are nevertheless some subtleties to take into account to make a relevant reading of these statistics.
Ransomware revenue plummeted in 2022
In its latest study on ransomware, the on-chain analysis company Chainalysis shows that the revenue from this pirated software fell in 2022. Indeed, as the graph below shows, this data is dropped from $766 million to $457 million, a drop of just over 40% :
Figure 1 – Ransomware revenue from 2017 to 2022 according to Chainalysis
However, Chainalysis urges caution in interpreting the data, as it explains that not all crypto addresses of attackers have yet been identified, which leaves a margin of error to the figures. To give a point of comparison, if the attacks of 2021 are today quantified at 766 million dollars, the company had, at first, announced 602 million in its initial report.
On the other hand, although this drop in income is indeed concrete, it does not mean that the attacks have dropped, but rather that they are less profitable than before. Moreover, the number of ransomware strains would have increased considerably in 2022, and would have been estimated at more than 10,000.
This metric may also show growing competition in this fraudulent industry, but Chainalysis believes it is actually more likely that the same criminal organization can use several strains of malware.
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The fight against ransomware intensifies
While ransomware is still a reality that cannot be denied, the fight against it seems to be showing progress. As we have just seen, hackers multiply the strains of ransomware they use in order to maximize their profits, and this results in a period of use of said programs which has fallen sharply over the past 10 years. Indeed, these having gone from 3,907 days on average to 70:
Figure 2 – Average number of days of use of a ransomware strain
In addition, companies are now more aware of cyberattacks than 10 years ago, and while progress is still to be made, insurance companies are increasingly encouraging companies to take measures to insure this risk.
By extension, this greater difficulty in being reimbursed by insurance would encourage companies to think twice before paying ransoms. In four years, the payment of the latter would thus have fallen from 76 to 41% based on data reported by Coveware to Chainalysis:
Figure 3 – Ransom payments in the event of attacks
Another factor that could explain this drop can be found in a recommendation published at the end of 2021 by theOffice of Foreign Assets Control (OFAC). Indeed, it discouraged the payment of the sums demanded by ransomware, under cover that this could go against the sanctions taken against certain actorsthus creating a risk of legal proceedings, and thus contributing to the drop in payments.
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Source: Chainalysis
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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