Ransomware payment rates drop to new low – now 'only 29% of victims' fork over cash

Coveware’s Q4 2023 report indicates ransomware payment rates hit a new low (29%), with data exfiltration-only payments also dropping (26%), attributed to better backups, increased awareness, and mistrust of threat actors. The report warns that nationwide payment bans are ineffective and could push transactions underground, undermining transparency; it recommends reinforced reporting requirements, safe harbors, and collaboration with law enforcement to realign incentives and raise costs for attackers.