Victims of ransomware spent nearly $700 million paying off their attackers in 2020, according to a new report from blockchain analysis firm Chainalysis.
In the company’s last report, they pegged the figure at around $350 million, but increased the figure “due to both underreporting by ransomware victims and our continuing identification of ransomware addresses that have received previous victim payments.”
Right now, the latest figures show more than $692 million was spent on ransomware payments in 2020. For 2021, they have already tracked over $602 million worth of ransomware payments but noted that like 2020, it is an underestimate.
“In fact, despite these numbers, anecdotal evidence, plus the fact that ransomware revenue in the first half of 2021 exceeded that of the first half of 2020, suggests to us that 2021 will eventually be revealed to have been an even bigger year for ransomware,” Chainalysis said.
The report also listed the most prolific ransomware groups by total payments received, finding that Conti led the way with at least $180 million made from ransoms.
The report notes that conversely, law enforcement agencies have made some headway in getting ransoms back, giving organizations even more incentive to report attacks.
Unfortunately, 2021 also saw more active