The Ransomware Crisis

Ransomware may decline in 2024, as several countries have committed not to pay ransoms and a shrinking number of companies give in to the pressure, which poses a financial challenge for cybercriminals.

Although a significant change in extortion approaches is expected, ransomware will not disappear, but will reconfigure itself, possibly focusing on consumers or small businesses, where ransom demands will be less significant.

A wave of 'ransomware' attacks has put the relatively immature cybersecurity systems in Latin America to the test. After the 2021 crisis in the United States, caused by cyberattacks that harmed more than 1,000 companies, this cybercrime now has Brazil, Peru, Ecuador and Costa Rica flashing red. In the latter country, a national emergency was even declared.

'Ransomware' tripled its profitability during the pandemic, and its operating model has evolved into large and sophisticated criminal organizations, explains Kerry-Ann Barrett, director of the Cybersecurity Program of the Organization of American States (OAS).

'Ransomware' uses a malicious program that prevents users from accessing their system or files. It then demands payment of a ransom in order to access them again. Although most organizations do not report extortion, the Ransomwhere platform, which has been tracking ransoms for a year, estimates that cryptocurrency payments to criminals exceed USD 120 million. Of these, almost USD 17 million have been paid in 2022.