US Treasury offers cautious optimism as ransomware payments decline

• FinCEN reports ransomware activity dropped in 2024 after ALPHV and LockBit takedowns
• 2023 was peak year with $1.1B in payments; 2024 saw 1,476 incidents and $734M paid
• Collapsed gangs (ALPHV, LockBit, Black Basta) earned $790M; Akira remains most active, targeting finance, manufacturing, and healthcare

The takedown of ALPHV and LockBit ransomware gangs made a solid dent in the overall performance of ransomware operations last year.

This is according to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) which recently said that after all-time highs in 2023, the number of ransomware infections and paid ransoms declined in 2024.

In its “Financial Trend Analysis” paper, it confirmed that between 2013 and 2021, there were 3,075 reported cases of ransomware infections, with victims paying $2.4 billion in ransom demands.