Rate of ransomware attacks fall as bitcoin price drop

A report by US-based cybersecurity firm SonicWall has it that the frequency of ransomware attacks have trended down globally in the first half of 2022.

In the 2022 Cyber Threat Report, researchers at SonicWall recorded 236.1 million ransomware attempts in the first half of 2022.

That represents a 23% year-on-year drop.

Ransomware is a type of security attack in which a hacker gains unauthorized access to a computer network and encrypts all the data while blocking access to it. The hackers then demand payments, usually in the form of a cryptocurrency like bitcoin.

The researchers said a slump in crypto prices drove cybercriminals away from ransomware, among other factors.

Between January and June 2022, bitcoin’s price tumbled from $48,000 to $20,000 amid weakening global macro-economic trends and rising inflation.

Per SonicWall researchers, ransomware incidents peaked in 2021 with a record-breaking number of events.

During the year, there were some high-profile attacks targeting organizations like JBS Foods and Colonial Pipeline, both of which paid millions of dollars worth of bitcoin to hackers.

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