U.S. insights company shows ransomware hackers drew in $1bn across 2023

Ransomware hackers extorted $1 billion throughout 2023, according to data analytics company and blockchain platform.

The company published a report showing the extent of malicious hacking and developing trends affecting entities over the past year.

Chainanalysis provides data, software, services and research to government agencies and companies in seventy countries.

“Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and increase consumer access to cryptocurrencies securely,” the company says. place.

The report details a staggering $433 million increase in ransoms collected from victims compared to 2022, growing to the highest rate ever reached: $1 billion in 2023.

Report shows biggest ransomware attack of 2023

The Cybersecurity and Infrastructure Security Agency (CISA) and the Federal Bureau of Investigation (FBI) published a Cybersecurity Notice (CSA) in June last year highlighting the MOVEit vulnerability, carried out by the CL0P ransomware gang.

This would be one of the largest ransomware attacks reported and was the peak of the 2023 problem with ‘zero-day’ exploits.

What is a zero day?

He report details this as a ‘zero-day’ vulnerability that compromised multiple institutions simultaneously. The attack is so named because it gives developers no day to respond as it exploits an existing loophole in the defenses that they were unaware of.

The MOVEit trick was like finding all the keys to several company safe deposit boxes in a large digital bank vault.

The attack affected several established institutions and exploited a vulnerability in the file transfer system. The owner of the software would announce that the the service had been compromised with sensitive data, including personal data, and in some cases, banking information was in the hands of hackers.

sony, the BBC, and Flagstar Bank were among those affected. He Maine Attorney General documented that 837,390 users’ data was breached, and the report said: “Acquired information: name or other personal identifiers in combination with social security number.”

Japanese technology giant Sony also send letters to those affected stating that the company wanted to “provide them with information about a cybersecurity event related to one of our IT providers, Progress Software, which involved some of their personal information.”

“This event was limited to Progress Software’s MOVEit Transfer platform and did not impact any of our other systems.”

This would extort massive amounts of data and significantly damage Progress Software’s reputation.

US federal forces and businesses around the world will be hopeful that the number of attacks and the amount extorted will decrease throughout 2024.

Brian Damien Morgan

Freelance journalist

Brian Damien Morganis an award-winning journalist and feature writer. He was fortunate enough to work in the print sector for many UK newspapers before embarking on a successful career as a broadcaster and digital specialist. His work has spanned the UK’s public and private media sectors for almost two decades. Since 2007, Brian has continued to expand a long list of publications and institutions, notably as editor of the Glasgow 2014 Commonwealth Games, winning multiple awards for his writing and digital broadcasting efforts. Brian would then become an integral part of Legacy 2014, Scottish Government’s Media and Sport Directorate. Work with ministers to achieve change through sport with institutions such as the Homeless World Cup.He would later lend his skills to multiple private sector institutions. Brian would gain national recognition by helping his country provide judicial education and communications during the pandemic era. He obtained a personal order of distinction from the Lord President of Scotland for his efforts as Head of Communications and Digital for the Scottish Judicial Office. Brian is back to what he loves most: writing and commenting on advances in technology, gaming and legal issues, as well as all things sports.

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