Ransomware actors have had a rough start this year, as stats from cybersecurity firm Coveware show companies are increasingly refusing to pay extortion demands, leading to a record low of 28% of companies paying ransom in the first quarter of 2024.

However, it is essential to note that despite the drop in the payment rate, the amount paid to ransomware actors is higher than ever before, reaching $1.1 billion last year, according to a Chainalysis report.