A decrease in ransom payments
In 2024, ransom payments after ransomware attacks according to Chainalysis decreased by 35 percent. This success is attributed to stepped-up law enforcement measures, better international cooperation, and the more frequent refusal to pay. The total sum of ransomware payments amounted to 814 million US dollars.
The role of law enforcement
Law enforcement agencies have achieved significant successes through targeted actions against criminal groups such as Lockbit. These measures have resulted in fewer gangs stepping into the breach to fill the gaps created by the dismantling of existing groups. The importance of international cooperation is clearly evident here.
Changes in payment transactions
Another notable trend is the decline in the use of so-called mixers, while payments are increasingly flowing to large cryptocurrency exchanges and personal wallets. This illustrates the success of government sanctions against specific services, such as the case of Tornado Cash, which was classified as illegal by a US court.
Legal aspects and compliance
In the context of cybercrime, compliance with the GDPR and other regulatory requirements is crucial. Companies should ensure that they have robust security measures in place and seek timely legal assistance in the event of a security incident. The law firm ATB.LAW offers comprehensive advice on cybercrime and compliance. Contact us by email at office@atb.law or by phone at +43 1 3912345.
Conclusion
The decline in ransom payments is a positive signal in the fight against cybercrime. Nevertheless, vigilance remains necessary as the threat from ransomware persists. Companies should act proactively and secure themselves legally to be well prepared in the event of an attack.
