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Cyber attackers are not getting enough revenue because victims are refusing to pay

A New York-based software company, Chainalysis, has recently shared some interesting information that shows that hackers are unable to make the profit they once did as victims have started to refuse paying them off.

The company also assisted cybersecurity law departments in catching hacking groups associated with crypto payments. As per the report, in 2021, these hackers were successfully able to make over 765 million dollars, but in 2022, the figures dropped to 456 million dollars. Showing a drop of almost 40 percent since 2021. The report made it clear that these values were based on cryptographic transactions only, and it is believed that the overall subtotal is much higher than this.

The data also highlights the figures observed during 2020. At the beginning of the global pandemic, everything was shifted to online platforms, and as is clearly visible from the report, the hackers were able to jump from 174 million dollars in 2019 to a whopping 765 million dollars in 2020. The same trend was observed in 2021 before it dropped last year.

Coveware, a company known for its response against such acts, said that the revenue drop doesn’t mean fewer attacks were experienced. The number of cyberattacks is still high, but the number of people accepting the demands has dropped significantly, hence the fall in profit.

The question that arises is why victims have started to reject the demands of hackers. One answer to this question has been given by the company. According to Chainalysis, the government of the USA has made it clear that strict actions will be taken against businesses paying off the alleged hackers. Not even Coveware will come forward to help if the attackers are affiliated with any sanctioned group.

Another factor leading to this is the role of insurance companies. These companies compensate the victims, leading to different companies strengthening their defenses against such attacks while ensuring backups of data.

Despite the figures dropping by 40 percent, the attacks still can’t be neglected. Most of the incidents are kept out of the spotlight, which makes it difficult to conclude whether the frequency of such activities has increased or decreased.
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