SonicWall's report: frequency of ransomware attacks declines as bitcoin falls

According to experts, other factors that influenced the reduction of the indicator included the improvement of companies' security standards and the efforts of law enforcement

26.07.2022 - 14:10

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What’s new? According to a report by US cybersecurity firm SonicWall, ransomware attacks declined globally in the first half of 2022. Researchers recorded 236,1 million attempts to use such software in the first half of 2022, down 23% from the same period in 2021. Experts believe that one of the factors that influenced the decline was the fall of cryptocurrency rates. Thus, the capitalization of the crypto market fell from $3 trillion to $1 trillion, the price of bitcoin fell 70% from its all-time high (ATH) of November 2021.

SonicWall's report

Ransomware allows hackers to encrypt files on a device, or completely block access to it. Attackers demand a ransom for decryption and unlocking, including in cryptocurrency.

What else does the report say? SonicWall noted that the bitcoin exchange rate serves as an early indicator of changes in the frequency of ransomware attacks, although there is no direct correlation between the two. Experts also linked the decline in attacks to other factors, including increased security standards at companies and increased law enforcement efforts.

According to SonicWall, the number of ransomware incidents peaked in 2021. Several high-profile attacks occurred then, including meat manufacturer JBS Foods and US pipeline operator Colonial Pipeline, which paid hackers a ransom in millions of dollars in bitcoins.

Despite the decline in ransomware attacks, the total number of malware incidents has increased. Researchers reported 2,8 billion cases in the first half of 2022, up 11% from 2021.

In July, US authorities seized about $500 million that North Korean hackers had previously stolen from US organizations through ransomware. The funds will be returned to the accounts of the affected companies.

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