Ransomware payments drop to record low as victims refuse to pay

Coveware’s Q4 2023 ransomware report shows victim payment rates falling to a record-low 29%, alongside declines in average ($568,705) and median ($200,000) ransom payments and a shift toward smaller victim organizations. The report warns that outright ransom payment bans could drive incidents underground and hinder cooperation with authorities, advocating instead for stronger reporting frameworks, safe harbors, penalties for nondisclosure, and deeper law enforcement collaboration to reduce the profitability and appeal of ransomware.