Ransomware actors collected over $1bn in extortion money from their victims in 2023 – a record high – according to Chainalysis.
The blockchain analysis company warned that even this is likely to be a conservative estimate of the financial impact of ransomware last year, as new cryptocurrency addresses are likely to be discovered over time. It said the figure for 2022 has already been revised up 24% to $567m, for example.
The figure also does not capture other costs associated with ransomware breaches, such as operational disruption, lost custom and expenses related to third-party incident response and forensics.
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