Spring Statement 2025: What it means for your business
Learn about the announcements made by the government in the 2025 Spring Statement and what businesses need to do now.
Blockchain data platform Chainanalysis has reported that cybercriminals have seen a 40 per cent fall in their earnings as more people have refused to pay the ransom following ransomware attacks.
However, the number of unique ransomware strains being used in attacks increased dramatically in 2022 (Fortinet). Also, Chainanalysis reports that ransomware lifespans are dropping. For example, in 2022, the average ransomware strain remained active for just 70 days, down from 153 in 2021 and 265 in 2020.
Being a blockchain data platform (blockchain is the technology behind cryptocurrencies) Chainanalysis can track money flowing in and out of Bitcoin wallets. Ransomware crews use bitcoin wallets to collect ransoms and retain their anonymity. Also, evidence from cyber insurance firms who are usually the ones reimbursing victims for ransomware payments, show that these payments are down.
There are several reasons why more victims are refusing to pay the ransomware ransom, including:
There are several reasons why ransomware lifespans are dropping (including those mentioned above), such as:
Criminal earnings from ransomware are down for the reasons mentioned above, and although larger ransomware gangs have been disrupted, there are now many smaller groups operating. It’s also worth noting that new strains of ransomware are being developed all the time, so the threat continues to be present (and is growing as previously stated). With this in mind, businesses should continue to focus on not falling victim to ransomware attacks in the first place. Measures businesses can take include having recurring meetings with all relevant teams/persons (security, networking, IT, server administration, PR, finance) and the company leadership to develop a clear picture of the strengths and weaknesses/vulnerabilities and establish how the business can remain secure and understand who’s responsible for all aspects of security. Also, seeking professional advice about cyber security and implementing best practices, e.g. with data backups and other security measures, can help keep the business safe from new as well as existing ransomware strains.
Learn about the announcements made by the government in the 2025 Spring Statement and what businesses need to do now.
In today's digital age, securing your work systems is crucial, but it's equally important to protect your personal email accounts. One of the most effective ways to enhance your email security is by enabling two-factor authentication (2FA).
SIM swap fraud is becoming increasingly prevalent, allowing scammers to intercept calls and texts, including one-time security passcodes used for two-factor authentication.