The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) released a report today revealing that total ransomware-related payments exceeded a staggering $4.5 billion by the end of 2024. This marks a massive surge from previous years, driven by higher ransom demands and “big game hunting.”
Business Impact
Ransomware is no longer just a nuisance; it is a multi-billion dollar illicit economy. The sheer scale of payments funds more sophisticated R&D for cybercriminals, meaning attacks will continue to become more advanced, automated, and difficult to defend against.
Why It Happened
The rise is fueled by the “Ransomware-as-a-Service” model and the pivot to double-extortion (stealing data *and* encrypting it), which pressures even companies with good backups to pay up to prevent data leaks.
Recommended Executive Action
Re-evaluate your cyber insurance coverage limits in light of rising ransom demands. Invest heavily in anti-exfiltration controls (DLP) and “immutable backups” to reduce the leverage attackers have during a negotiation.
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