The Year 2023 Sees a Record $1.1B in Ransomware Payments

In February 13, 2024, at 08:10h, a new post in the casino news community has revealed the staggering statistics of $1.1 billion in ransomware payments in 2023. This was almost double the previous year and indicates a growing concern according to a report from Chainanalysis.

The report explained the rising strategy of “big game hunting,” where hackers are targeting large companies like British Airways and gambling giants like MGM Resorts International and Caesars Entertainment. They often demand multimillion-dollar ransom payments.

It’s clear that businesses, as well as hospitals, schools, and government agencies, have become common targets for these attacks. The article also highlights the rapid evolution of ransomware attacks, marking a turnaround from last year’s decline.

Ransomware attacks have long plagued the gambling industry, both online and land-based, causing significant disruptions. Particularly concerning are the recent attacks on major casino operators, such as MGM and Caesars, by the hacking group “Scattered Spider” or “Octo Tempest.”

In a positive turn, there has been significant headway made in combating these attacks, including the FBI’s successful intervention with the group “Hive” in 2022. The agency was able to provide decryption keys, preventing an estimated $130 million in ransomware payments.

Given the escalation of ransomware attacks and the growing threat they pose, we advise our readers to stay informed and implement robust cybersecurity measures.

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