Ransomware gangs are increasingly targeting larger, more lucrative organizations, a trend known as “big-game hunting.” This shift has contributed to a significant increase in ransom payments, with $459.8 million paid to cybercriminals in the first half of 2024, according to a report by Chainalysis. The largest single ransom payment recorded was $75 million, made by an undisclosed Fortune 50 company to the Dark Angels ransomware gang.
The median ransom payment has also skyrocketed, increasing by 7.9 times to $1.5 million in just over a year. This trend suggests that larger businesses and critical infrastructure providers are more likely to make higher payments due to their greater access to funds and the significant impact of downtime. The rise of “big-game hunting” has significant implications for businesses, highlighting the need for robust cybersecurity measures and incident response plans.
Despite the increase in attacks, victims are giving in to extortion demands less often. Posts to ransomware leak sites have increased by 10% year-over-year, but total ransomware payment events have declined by 27.29%. This suggests that victims are better prepared and less likely to pay the ransom. However, this trend also highlights the importance of proactive measures, as businesses cannot rely solely on not paying the ransom to protect themselves.
To protect against ransomware attacks, organizations must have a robust incident response plan in place, including regular backups, employee training, and cybersecurity measures. Exponential-e offers a step-by-step guide on ransomware remediation to help businesses prepare and respond to attacks. With the rise of “big-game hunting,” it’s essential for companies to take proactive measures to prevent and respond to ransomware attacks. Read the full article here.
