Ransomware threat to diminish in this year 2024


Exciting news arrives amidst the relentless surge of ransomware assaults that have plagued individuals and corporations, escalating into double and triple extortion schemes, instigating apprehension among internet users.

However, a glimmer of hope emerges from the latest findings of a Cyberint study, indicating a decline in ransomware incidents during the first quarter of 2024, with projections suggesting a forthcoming 22% decrease.

In stark contrast to the final quarter of 2023, which bore witness to 1309 reported cases, the tally for the initial quarter of this year stands at a reduced 1048 cases.

This notable downturn in file-encrypting malware onslaughts may be attributed to robust interventions by law enforcement bodies such as the FBI, Europol, and others. Their concerted efforts have compelled criminals to retreat, with the crackdown on payment channels posing significant hurdles. Operations like “Cronos,” orchestrated by government agencies, saw the seizure of IT infrastructures utilized by ransomware factions like LockBit, ALPHV, and Conti, alongside the apprehension of several perpetrators. Yet, the resilience of these criminals remains evident as they persist in their illicit activities, despite setbacks.

Furthermore, the dwindling frequency of ransom payments has prompted many cybercrime syndicates to reconsider their strategies or pursue alternative revenue streams. Coveware, a prominent threat intelligence firm, attributes the decline in ransomware proliferation to heightened organizational preparedness, legislative restrictions on cryptocurrency payments in countries like the United States, and the dissipation of sleeper cells amid the fear of legal repercussions.

While sporadic reports continue to surface, the landscape of attacks has undeniably subsided, as criminals perceive diminishing prospects for lucrative gains through such endeavors.

Is this a cause for celebration among concerned entities, including companies, governments, and individuals vulnerable to these assaults?

It is indeed a positive development, albeit temporary, as the threat could resurge at any moment. Yet, concerted efforts between federal agencies and cybersecurity experts offer a beacon of hope in the ongoing battle against ransomware proliferation, hinting at the possibility of its eventual eradication.

Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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