The Strategist

Analysts: Total amount of ransom received by hackers over two years amounts to $1.3B

02/11/2022 - 07:17

In two years, ransomware hackers have received at least $1.3 billion from their victims, analysts estimated. According to their data, last year, because of the attackers' targeting of large businesses, the average ransom amount increased and exceeded $118,000.

Christiaan Colen
Christiaan Colen
Over the past two years, cybercriminals have received a total of $1.3 billion in ransom payments from their victims, according to a report by analyst firm Chainalysis.

According to analysts' data as of January, in 2020 hackers managed to get more than $692 million (last year's report reported about $350 million, but the company was able to identify additional payments), and in 2021 attackers received more than $602 million from their victims. However, experts note that this estimate, like last year, is understated and will still be updated. It is likely that the true amount of remittances to hackers last year was much more, experts say.

The average payment to a hacker victim exceeded $118,000 last year, up from $88,000 in 2020 and $25,000 in 2019. Individual large payments contributed to the growth of the "average check," the analysts explained, citing the example of a record $40 million payment by U.S. insurance giant CNA, which the company paid to hackers to regain control of its system after a Phoenix Cryptolocker ransomware attack. The company has not officially commented on the situation. One of the reasons for the increase in the size of the ransom is the ransomware's targeting of attacks by large organizations, analysts explained.