August 20, 2024 Ransomware has become increasingly profitable in 2024, with cybercriminals collecting a staggering $459.8 million in ransom payments during the first half of the year. This sets a record pace, potentially surpassing last year’s $1.1 billion in total ransom payments. The increase is driven by ransomware groups focusing on larger organizations, leading to significantly higher ransom demands, including a record $75 million payment from an unnamed Fortune 50 company.

Despite the rise in attack severity, fewer organizations are choosing to pay ransoms, with a 27.27% decline in total payment events compared to 2023. This trend indicates a growing resistance among victims to succumb to extortion, even as the overall number of attacks and the size of ransom demands continue to climb. The shift reflects the evolving landscape of cybersecurity and the increasing efforts by organizations to avoid funding criminal enterprises through ransom payments.