Ransomware hackers stole more than US$1bil in 2023

The commercialisation of ransomware – a phenomenon in which advanced hackers sell malware to others and take a cut of the proceeds – has made it easier to conduct such breaches. — Image by Freepik

Ransomware gangs stole more than US$1bil (RM4.76bil) in 2023, the largest amount ever recorded, according to a report published Wednesday by blockchain analysis firm Chainalysis Inc.

With ransomware hacks, cybercriminals block access to a victims’ data or files until they pay an extortion fee, typically through cryptocurrency. In 2023, hackers nearly doubled the funds stolen in 2022 and exceeded previous records made in a ransomware boom during the pandemic, according to the report. Chainalysis said ransomware hackers made off with US$567mil (RM2.7bil) in 2022.