Ransomware Victims Are Fully Refusing To Pay

Cybercriminals’ preferred method of extortion is declining.

Briefly, ransomware-type malware threats encrypt files and then demand payment in cryptocurrency from victims to decrypt them. In 2022, however, the market began to shift as fewer businesses elected to be blackmailed.

According to data provided by blockchain analysis company Chainalysis, ransomware revenues for 2022 have decreased from $765.6 million to at least $456.8 million, a -40.3% year-over-year decrease. The number of victims who refuse to pay the ransom has increased alongside the volume of attacks.

Working with Cover, Chainalysis has witnessed a significant decline in the proportion of ransomware victims willing to pay, from 76% in 2019 to 41% in 2022. According to Chainalysis, this “extremely encouraging” trend is likely influenced by a variety of factors.

Victims of ransomware have realized that even if they pay the ransom, there is no assurance they will receive their data or that the ransomware actor will delete the “stolen” files without selling them to third parties on the dark web. The public perception of ransomware has also matured, so data leaks no longer pose the same risks to brand reputation as they did in prior years.

Companies and government agencies, which are the primary targets of modern ransomware attacks, have also improved their backup strategies, making data recovery a much cleaner and simpler process than it was just a few years ago.

In addition, insurance companies are less likely to permit their clients to use an insurance payout to pay a ransom demand. As numerous ransomware operations are headquartered in Russia, victims who decide to pay may be subject to the severe legal consequences brought about by the economic sanctions imposed on the country following its invasion of Ukraine.

Even though victims are not paying as much as they once did, the ransomware industry is far from dead: the average lifespan of file-encrypting malware strains has decreased from 153 days in 2021 to 70 days in 2022. Other ransomware-as-a-service (raas) operations, including Royal, Play, and BlackBasta, went live while the “Conti” ransomware operation came to an end. At the end of 2022, LockBit, Hive, Cuba, BlackCat, and Ragna were still operating and demanding ransom payments.

Why Trust Us?

Best Top Reviews Online was established in 2018 to provide our readers with detailed, truthful, and impartial advice on what to buy. We now have millions of monthly users from all over the world and annually evaluate over a thousand products.

The above article was written by the BestTopReviewsOnline team, which consists of some of the most knowledgeable technical experts in the United States. Our team consists of highly regarded writers with vast experience in smartphones, computer components, technology apps, security, and photography, among other fields.

Related Stories

  • All Post
  • Best Picks
  • Explainers
  • How To
  • News
  • Versus

Get more info



Best Products

Buying Guides

Contact Us

About Us

We provide a platform for our customers to rate and review services and products, as well as the stores that sell them. We research and compare the most popular brands and models before narrowing it down to the top ten, providing you with the most comprehensive and reliable buying advice to help you make your decision.


BestTopReviewsOnline.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. As an Amazon Associate I earn from qualifying purchases.


Address & Map

20 S Santa Cruz Ave, Suite 300, Los Gatos, CA 95030, United States

© 2022 BestTopReviewsOnline.com Pty. Ltd. All Rights Reserved. Licensing: All third-party trademarks, images, and copyrights used on this page are for comparative advertising, criticism, or review. As this is a public forum where users can express their opinions on specific products and businesses, the opinions expressed do not reflect those of BestTopReviewsOnline.com.