If Ransomware Inc was a company, its 2024 results would be a horror show

Ransomware extortion payments fell in 2024, according to blockchain analyst biz Chainalysis this week. Like infosec outfit NCC, Chainalysis thinks ransomware attacks increased during 2024. However the blockchain inspectors’ data suggests fewer victims paid ransoms, and online extortionists therefore raked in just $813.55 …

[lglethal]

"There's also anecdotal evidence the insurance industry - which gained a reputation for encouraging victims to pay up to reduce overall costs - is getting wise to the fact that feeding criminals money is unlikely to fix anything."

It really feels like the only appropriate response to this statement is something along the lines of "Duh!". Or in other words "Bears shit in woods!", "The pope is catholic!", and "Water is wet!". i.e. file it in the category of so obvious, you would have had to have been a moron, not to have seen that conclusion.

But then that statement does seem to apply to most Beancounters I#ve met (who predominate in the Insurance industry) - knowing the cost of everything, but the value of nothing... Or I guess in the case - knowing the short term cost saving, at the expense of massive long term losses. Well done those Insurers... Muppets!

[druck]

Mixers unbanned

Another factor is the criminals are learning that Bitcoin transactions and other forms of digi-cash transfers are harder to hide than expected, which means the ransomware business model becomes riskier. That could be the result of concerted police action against cryptocurrency mixers...

Well Trump has removed sanctions from Tornado Cash, which will help ransomware criminals get back on track to record profits.

But the rest of the world could put a stop to this by banning crypto, and completely destroying the ransomware business model.