Ransomware payments have exceeded $1 billion in 2023, highlighting the growing threat of cybercrime. Attacks targeted various industries, causing severe damage and financial losses. The use of sophisticated encryption algorithms made data recovery difficult without paying the ransom. Ransomware gangs are now adopting a "big game hunting" strategy and utilizing Ransomware-as-a-Service (RaaS) models. The ease of access to cybercrime has lowered the barrier for entry. Cyber attackers exploit system vulnerabilities, such as the MOVEit vulnerability, resulting in massive data breaches. Efforts to combat ransomware have shown progress through collaboration between law enforcement, security firms, and blockchain experts. #Cybersecurity #Cyberattacks #Ransomware #Cybercrime

https://cybersecuritynews.com/ransomware-payments-exceed-1-billion/