Ransomware Groups: Weathering Raids and Profiting in 2024

2025-02-03

In 2024, ransomware groups defied the efforts of law enforcement and continued to thrive, posting nearly 6,000 breaches to data-leak sites. Despite an increase in takedowns of high-profile groups like LockBit, cybercriminals still managed to have a record-breaking year in terms of ransom payouts and data compromises. According to new reports, ransomware attacks surged by 15% from the previous year, and more than half of organizations reported suffering a successful attack.

Ransomware Trends in 2024: A Record-Breaking Year Despite Crackdowns

The ransomware landscape in 2024 showed no signs of slowing down. Despite mounting efforts by global law enforcement to dismantle criminal infrastructure—such as taking down phishing services like LabHost and encrypted communication platforms like Ghost—the number of active ransomware groups surged to over 75, nearly doubling the number from the previous year. As a result, ransomware groups continued to breach thousands of organizations, posting sensitive data online and demanding millions in ransom.

By the end of 2024, the total number of cybercrime victims had reached nearly 6,000. Major ransomware groups, including LockBit, Play, and RansomHub, continued to post huge payouts from their victims, though fewer victims paid out and the ransom amounts had dropped in comparison to previous years. However, the profits remained substantial. In fact, the amount of ransom demanded averaged $1.2 million per company, according to the Ponemon Institute.

While law enforcement actions did have some impact—particularly arrests and the takedown of key cybercriminal services—the overall effectiveness of these actions remained uncertain. The rise in ransomware groups, many of which took advantage of regions with weaker law enforcement, suggests that financial incentives are enough to sustain the attacker’s persistence.

What Undercode Says:

The ongoing rise in ransomware attacks in 2024 shows that law enforcement actions, while critical, are often playing a game of whack-a-mole. As one major cybercriminal group or service is taken down, another quickly rises to fill the void. The fact that over 75 groups were actively engaging in cyberattacks shows that the ecosystem of ransomware has become increasingly fragmented. This isn’t necessarily bad for the attackers—they have more options to monetize their efforts and less risk of being entirely taken out of play.

Ransomware is not just about the attacks themselves.

This adaptability and persistence of ransomware groups underline a fundamental issue with the way cybercrime is being dealt with. While agencies like the FBI, European law enforcement, and Israeli police are actively pursuing key operators, the financial rewards remain too great for others to stay out of the game. Moreover, law enforcement is rarely able to effectively target cybercriminals based in countries with no interest in extraditing them.

What is especially worrying is the impact these attacks are having on businesses. The Ponemon Institute’s report highlights that more than half of organizations experienced ransomware attacks in 2024, and many reported significant losses—often in the form of lost revenue, business downtime, and reputation damage. Notably, paying the ransom often doesn’t guarantee data recovery. Many organizations discover that even after handing over the demanded amount, they don’t receive the decryption keys or the attacker simply demands more money.

In this environment, organizations must reevaluate their approach to cybersecurity. Traditional strategies—like paying ransoms or relying on standard IT controls—are no longer enough. Having robust incident response plans, a focus on early detection, and maintaining business continuity are becoming central to mitigating the damage of a ransomware attack. More importantly, businesses need to adopt a zero-trust model, ensuring that their networks and critical systems are as protected as possible from lateral movement once an attack occurs.

The issue is compounded by the fact that cybersecurity practices in many organizations remain lax. Many businesses still fail to patch vulnerable systems or use weak passwords—basic vulnerabilities that ransomware attackers exploit. In addition, more organizations are recognizing the importance of having cloud resources and backup systems in place, allowing them to continue operations without paying a ransom or losing critical data.

Lastly, this report underscores the critical need for a strategic shift in the way we think about cybersecurity. The war on ransomware is ongoing, and while law enforcement plays a role, organizations must take greater responsibility for securing their own digital environments. Cybersecurity is no longer optional—it’s integral to business survival in today’s digital economy. Ransomware is not just a technical issue; it’s a business continuity issue. The companies that succeed in this new digital landscape will be those that embrace proactive, comprehensive cybersecurity strategies.

References:

Reported By: https://www.darkreading.com/endpoint-security/ransomware-weathered-raids-profited-2024
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