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Ransomware Payments Dropped 35% in 2024 as Over Half of Victims Refused to Pay Cybercriminals

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Chainalysis

After ransomware gangs extorted a record-breaking US$1.25 billion in 2023, and the value stolen in the first half of 2024 rose 2.38% year-on-year, cybercriminals seemed poised for another record payday. However, a sharp pullback in the latter half of 2024 radically changed the year’s outcome, instead resulting in overall ransomware payments seeing a sharp and encouraging 35% decline.

This is according to findings from the Chainalysis 2025 Crypto Crime report, which also noted that the US$813 million attackers extorted from their victims last year included a record-breaking outlier in the US$75 million paid by an undisclosed victim to the Dark Angels group. “For years now, the cybersecurity landscape seemed to be hurtling towards a so-called ransomware apocalypse, so this sharp decline, to levels even lower than those in 2020 and 2021, speaks to the effectiveness of law enforcement actions, improved international collaboration, and a growing refusal by victims to cave into attacker’s demands,” said Jacqueline Burns Koven, Head of Cyber Threat Intelligence at Chainalysis.

Another positive trend is the widening gap between the amounts demanded by bad actors and the actual payouts made by victims — in H2 2024, there was a 53% difference between the two. Moreover, despite the number of ransomware events actually increasing in the second half of 2024, the number of on-chain payments declined, suggesting that while more victims were targeted, fewer paid. In cases where victims did pay attackers, on average, the final amounts for these ransoms typically ranged between US$150,000 to US$250,000, regardless of attackers’ initial demands.

For attackers who received payments, Centralized Exchanges (CEXs) were a preferred means of converting their crypto gains into fiat currencies. Consequently, actions such as the sanctioning of Russia-based exchange, Cryptex, and the German Federal Criminal Police (BKA)’s seizure of 47 Russian language no-KYC crypto exchanges — both in September 2024 — have impacted the ability of ransomware actors to launder their illicit earnings. Chainalysis data shows that substantial volumes of crypto funds extorted by ransomware groups last year continue to be held in personal wallets.

“Ransomware operators, a primarily financially motivated group, are abstaining from cashing out more than ever. This potentially indicates a fear of being traced, identified, and prosecuted by law enforcement agencies, made possible with the help of crypto investigation tools such as those provided by Chainalysis,” added Koven.

While these developments bode well for businesses that have long battled the threat of ransomware, Chainalysis warned against complacency. “Today, 7-8 figure ransoms have become the outliers, as the ransomware actor landscape is dominated by groups extorting low- and mid-value payments,” Koven explained. “With smaller businesses also in the crosshairs, protecting these organisations is critical to economic resilience as in the UAE for example, the country’s over half a million SMEs contribute as much as 63% of the nation’s non-Oil GDP. It will take sustained collaboration and innovative defences to build on the progress made in 2024, and ensure organisations across all segments stay protected against the threat of ransomware.”

Financial

CFI Celebrated Women’s Month with Exclusive Suhoor Event

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CFI Financial Group was honored to host last week a special Suhoor event in Dubai to celebrate Women’s Month and honor the incredible achievements of women in business and entrepreneurship. The exclusive event, which took place on March 13th, brought together a distinguished group of successful businesswomen, entrepreneurs, and media professionals for an inspiring evening designed to empower and connect women in the professional world.

The event featured a keynote by Carol Glynn, a renowned finance coach and chartered accountant, known for inspiring attendees to pursue sustainable careers and entrepreneurial efforts confidently. Glynn shared essential insights on empowering women to manage financial futures and advancing careers.

In addition to the keynote address, attendees were treated to a unique experience, as an illustrator designed personalized Ramadan keepsakes for each guest, adding a thoughtful and personal touch to the evening while celebrating the spirit of generosity during the holy month of Ramadan.

CFI remains committed to empowering women year-round by providing opportunities to grow, learn, and connect within their professional fields. This ongoing support helps women build sustainable careers and establish valuable networks, highlighting CFI’s dedication to fostering women’s advancement in business.

“We were thrilled to host this Suhoor event for Women’s Month and are proud to have fostered a space for learning and empowerment,” said Zarrin Baig, CFI’s Group Head of HR. “CFI is committed to financial literacy as a crucial tool for empowering women. We are grateful to our distinguished attendees for enriching our mission with their valuable insights, furthering our commitment to support women in their personal and professional growth, and building a more equitable future.”

The event was a resounding success, providing an evening of meaningful conversations, networking, and empowerment, reflecting CFI’s commitment to fostering an inclusive and supportive community for women.

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Financial

RemotePass and Wafeq Partner to Automate Payroll and Accounting for UAE & KSA Businesses

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RemotePass Wafeq

RemotePass and Wafeq have partnered to fully automate payroll accounting for businesses in the UAE and KSA. This integration seamlessly syncs payroll and financial data from RemotePass to Wafeq’s accounting system in real-time, eliminating manual entry, reducing errors, and ensuring compliance.

The two-way native integration eliminates manual entry ensuring accurate, efficient payroll reconciliation for businesses in the UAE and KSA on both platforms, resulting in an 80% reduction in payroll and expenses processing time.

 “We’re excited to partner with Wafeq; our integration enables businesses in the region to put payroll processing and financial data synchronization on autopilot, allowing them to focus on growing their business,” said Kamal Reggad, CEO of RemotePass.

A Shared Vision for Scaling Businesses

RemotePass and Wafeq provide localized platforms tailored for businesses in the Middle East, serving many shared clients and addressing the unique challenges faced by companies in the UAE and KSA.

Key Benefits of the Integration:

  • Seamless integration – Payroll data from RemotePass is automatically reflected and categorized in Wafeq’s accounting platform providing real-time financial visibility and improved accuracy
  • Error-Free Financial Records – Manual reconciliation and categorization errors are eliminated, ensuring payroll accuracy in financial reports.
  • Time-Saving Automation – Finance teams no longer need to manually input payroll data, reducing administrative work.

Empowering Businesses with Financial Automation

By integrating two leading regional SaaS solutions, companies in the UAE and KSA can now better manage payroll and financial records with greater efficiency. This collaboration is a significant step toward simplifying payroll accounting and helping businesses scale with confidence.

“At Wafeq, we are committed to empowering businesses with seamless financial automation. Our partnership with RemotePass allows companies in the UAE and KSA to streamline payroll accounting effortlessly, reducing errors and saving valuable time. This integration is a game-changer for finance teams looking to enhance efficiency while staying fully compliant with local regulations.” said Maher Aoun, VP of Sales and Business Development, Wafeq.

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Financial

Empowering Women in Finance: Charu Chanana’s Journey from Inspiration to Leadership at Saxo Bank

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Saxo Bank

From being inspired by her father’s financial acumen to becoming the Chief Investment Strategist at Saxo Bank, Charu Chanana shares her journey of expertise, and advocacy for finance, which has traditionally been a male-dominated industry.

Read the full interview in the upcoming edition of Financial Integrator, featuring insights from leading women shaping the future of finance.

Charu:

My interest in finance was sparked at a young age, thanks to my father, who had a strong background in accounting and finance. Growing up in a family that valued financial discipline and planning, I was always curious about how money worked – both in personal finance and also on a larger economic scale.

However, I also saw a contrast within my extended family, where many were not as financially savvy. This gave me an early glimpse into how a lack of financial literacy – especially among women – limited their ability to make the choices they want and still secure their future. Witnessing these challenges firsthand fueled my passion for making finance more accessible and empowering others to take control of their financial well-being.

One of the most rewarding experiences has been seeing the tangible impact of my work – whether it’s helping investors navigate uncertain markets, guiding women to start their investment journeys, or breaking down complex financial concepts into actionable insights. Every time someone tells me, “Because of your insights, I made my first investment” or “I feel more confident about my financial future,” it reinforces why I chose this path.

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