US Report: Ransomware Payments Fall 33% in 2024

The U.S. Treasury Department's Financial Crimes Enforcement Network reported a decline in ransomware activity in 2024 following a record peak the previous year, attributing the drop to law enforcement disruptions of major cybercrime groups. The analysis, based on thousands of Bank Secrecy Act filings from organizations nationwide, documented 4,194 ransomware incidents and more than 2.1 billion dollars in payments between January 2022 and December 2024.

Ransomware attacks reached their height in 2023, with 1,512 incidents and approximately 1.1 billion dollars paid, marking a 77 percent increase from 2022. By contrast, 2024 saw a slight decrease to 1,476 incidents but a more substantial 33 percent reduction in payments to about 734 million dollars. This shift came after federal authorities dismantled key operations, including the ALPHV, also known as BlackCat, group in late 2023 and the LockBit network early in 2024. The Black Basta group also collapsed amid leaked internal communications. FinCEN noted that these three groups alone accounted for nearly 790 million dollars in payments during the period.

The median ransom payment fluctuated over the three years, rising to 175,000...