U.S. companies made more than $2 billion in ransomware payments between 2022 and 2024, nearly equaling the total ransoms paid in the previous nine years, according to a new report from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). The report, which looked at threat pattern and trend information identified in Bank Secrecy Act (BSA) filings, said that between Jan. 1, 2022 and Dec. 31, 2024, FinCEN received 7,395 BSA reports related to 4,194 ransomware incidents and totaling more than $2.1 billion in ransomware payments. In the previous nine years, from 2013 to 2021, FinCEN received 3,075 BSA reports totaling approximately $2.4 billion in ransomware payments, the report said. FinCEN notes that because its data is based on BSA filings, it is by nature incomplete, and indeed, the 4,194 ransomware incidents recorded by FinCEN between 2022 and 2024 is less than 40% of the nearly 11,000 ransomware attacks recorded in Cyble’s threat intelligence data over the same period.

ALPHV/BlackCat and LockBit Enforcement Actions Lowered Ransomware Payments

Ransomware incidents and payments reported to FinCEN reached an all-time high in 2023 of 1,512 incidents totaling approximately $1.1 billion in payments, an increase of 77 percent in payments from 2022. In 2024, incidents decreased slightly to 1,476 while total payments dropped to approximately $734 million. FinCEN attributed the decline in ransomware payments in 2024 to law enforcement disruption of the ALPHV/BlackCat and LockBit ransomware groups. However, LockBit is in the midst of its most significant comeback since the law enforcement actions disrupted the group, with 21 new victims claimed so far this month. Of the 267 ransomware variants identified during the reporting period, the most common variants were Akira, ALPHV/BlackCat, LockBit, Phobos, and Black Basta. However, Qilin has emerged as the top ransomware group in 2025 by a wide margin, so FinCEN’s 2025 BSA data will almost certainly change. Despite the decline in payments, the value of reported ransomware payments in 2024 was still the third-highest yearly total since the reports began in 2013. The median ransomware payment was $124,097 in 2022, $175,000 in 2023, and $155,257 in 2024. Between January 2022 and December 2024, the most common payment range was below $250,000.

Financial Services, Manufacturing and Healthcare Most Targeted Sectors

Measuring both the number of ransomware incidents and the amount of aggregate payments, the financial services, manufacturing and healthcare industries were the most affected during the report period. Between January 2022 and December 2024, the most commonly targeted industries by number of incidents identified in ransomware-related BSA reports were manufacturing (456 incidents), financial services (432 incidents), healthcare (389 incidents), retail (337 incidents), and legal services (334 incidents). Industries that paid the most in ransoms during the three-year period were financial services (approximately $365.6 million), healthcare (about $305.4 million), manufacturing (approximately $284.6 million), science and technology (about $186.7 million), and retail ($181.3 million). The Onion router (TOR) was the most common communication method used by ransomware groups. About 42 percent of BSA reports indicated the method that ransomware threat actors used to communicate with their targets. Among those reports, 67 percent indicated that ransomware actors used TOR, while 28 percent indicated that ransomware actors used email to communicate with their victims. Bitcoin (BTC) was the most common ransomware-related payment method, accounting for 97 percent of reported payments. Monero (XMR) was cited in two percent of BSA reports involving ransomware. FinCEN also identified several common money laundering typologies used by ransomware groups. Threat actors overwhelmingly collected payments in unhosted convertible virtual currency (CVC) wallets and “continued to exploit CVC exchanges for money laundering purposes after receiving payment,” the report said. Ransomware groups also used “several common preferred malicious cyber facilitators, such as shared initial access vendors,” FinCEN said.

The LockBit ransomware group is making a comeback, with a new data leak site and 21 new victims. LockBit was once the most feared ransomware group, and it still vastly outnumbers other ransomware groups with more than 2,700 claimed victims over its six-year-history, but a series of international law enforcement actions that began in February 2024 severely disrupted the group, and it has struggled to mount a sustained comeback since. LockBit 4.0, released in early 2025, failed to gain much traction and was never completely rolled out, and rivals like Qilin have done well attracting ransomware affiliates with favorable terms like profit sharing and enhanced features. But LockBit 5.0, announced on the underground forum RAMP in September, may be helping the group gain some traction, as it has since launched a new dark web data leak site and claimed new victims, Cyble reported in recent notes to clients. Dec. 8 update: LockBit claimed an additional 14 victims over the weekend since this article was published, raising the group's total to 21 for the month, behind only Qilin and Akira.

LockBit 'Fully Reactivated'

Despite a nearly two-year struggle to regain its footing, LockBit remains by far the most active ransomware group over its six-year history, its 2,757 victims more than double that of its nearest rivals, including Qilin, Akira, Play and CL0P (chart below from Cyble). [caption id="attachment_107448" align="aligncenter" width="1200"] LockBit remains the most dominant ransomware group of all time by a significant margin (Cyble)[/caption] Despite its history and name, LockBit’s comeback route has been a steep one, as arrests, leaked source code and operational leaks have repeatedly hampered comeback attempts and given rivals an advantage. But Cyble reported to clients on Dec. 5 that LockBit has “fully reactivated its public ransomware operations.” The new data leak site launched on November 5 and currently lists 21 new victims, plus several that had been previously claimed by the group. The new LockBit 5.0 variant, internally codenamed “ChuongDong,” has been driving the group’s reemergence. The new ransomware variant includes a complete redevelopment of the ransomware panel and lockers, and the new malware is more modular and offers faster encryption and better evasion of security defenses. Obfuscation is a key feature of the new ransomware version, which targets Linux, Windows and VMware ESXi environments.

LockBit Victims, Sectors and Targeted Countries

One notable new victim claimed by LockBit is an Asian airline providing regional passenger transport and charter services. Another new listing is a major Caribbean real estate company. Looking at the 42 victims claimed by LockBit in 2025 through Dec. 5, what stands out are the sectors and countries targeted, which differ from other leading ransomware groups. LockBit has had surprising success targeting financial services organizations. The group has claimed more victims in the Banking, Financial Services and Insurance (BFSI) sector in 2025 than in other industries (chart below). Overall, financial services isn’t among the top 10 sectors attacked by all ransomware groups, as the BFSI sector typically has stronger cybersecurity controls than other sectors. [caption id="attachment_107450" align="aligncenter" width="1200"] LockBit has had significant success targeting financial services companies (Cyble)[/caption] Also interesting is LockBit’s success targeting organizations in South America (chart below), which differs significantly from other ransomware groups, whose attacks are largely focused on the U.S., Canada and Europe. [caption id="attachment_107452" align="aligncenter" width="1200"] LockBit has had more success in South America than other ransomware groups (Cyble)[/caption] It remains to be seen if LockBit can mount a sustained comeback this time, but the group has a uniquely interesting base to build on. Ransomware affiliates are opportunistic, however, and they tend to gravitate toward the ransomware groups that offer the best chance at profitability and success. LockBit's comeback will depend on its ability to convince affiliates that it deserves to be back among the leaders. Article published on Dec. 5 and updated on Dec. 8 to reflect an increase in recent victims claimed by LockBit from seven to 21.