Ransomware groups saw a 40 percent drop in revenue in 2022 as victims are refusing to pay ransoms, BBC reported Jan. 19.
Cryptocurrency experts Chainalysis found that ransomware groups extorted at least $457 million in 2022, $311 million less than in 2021. The decline has much to do with more victims refusing to pay ransoms.
Coveware, a group that negotiates with hackers, found that 41 percent of their clients paid ransoms in 2022 compared to the 70 percent that paid the ransoms in 2020.
Despite the drop in revenue, researchers warn that ransomware groups are still dangerous and developing new methods.