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Lockbit Announces a New Victim

Bogdan Pătru

By Bogdan Pătru . 26 May 2024

Tech Writer

Alex Popa

Fact-Checked this

Infamous ransomware group Lockbit just announced another high-profile victim. This time it’s the US-based Price Modern. The hackers announced the breach on their leak website.

  • Lockbit is the most feared, dangerous, and competent ransomware actor in the world
  • The gang specializes in multi-extortion practice, encrypting the victim’s files and stealing valuable information
  • Lockbit was the target of the FBI’s Operation Cronos in February of this year but survived it
  • The victim didn’t acknowledge Lockbit’s attack, so it’s unclear how the situation is unfolding at this moment

Lockbit’s MO is rather standard. They infiltrate the victim’s system, disable the antivirus, encrypt the main files, and exfiltrate the target data. The more data they get and the more valuable it is, the higher the ransom.

Lockbit may be just another ransomware actor, but it’s not any ransomware actor. The software is out as an RaaS (ransomware-as-a-service), allowing anyone who pays for it to use it. The program does all the work, allowing the attackers to get away with the loot.

X showing the LockBit attack on Price Modern

According to the FBI’s latest data. Lockbit had up to 2,000 confirmed victims worldwide and around $112 million in paid ransoms in February 2024. This is a healthy increase since May, 2023, when the figures were 1,700 victims and $91 million in gains.

If this shows anything, it shows that Lockbit is effective and resilient and it currently runs the ransomware sphere as a whole. Operation Cronos, conducted by the FBI, along with its European counterparts, even failed to bring the organization down.

Despite its failure, operation Cronos did reveal some interesting facts about Lockbit. One of them is the upcoming version 4.0, which was seemingly in advanced stages of development.

What to Do in Case of a Lockbit Attack?

If you find yourself at the losing end during an interaction with the infamous Lockbit, you’re pretty much out of luck. You may be able to circumvent the encryption without paying the ransom. But it’s unlikely that you’ll make the hackers delete the stolen data.

Paying the ransom won’t guarantee that either, as many cybersecurity experts explain. That’s because, no matter the value of the ransom you’re paying, there’s always more to gain from selling or exploiting the stolen data.

This is one reason why many companies choose not to negotiate with the hackers. Several others don’t even report the breach in some cases, so that they can avoid the liability that comes with it.

Especially when the leaked data is private information about clients or employees. So, what do you do if you’ve been attacked by Lockbit? The answer is simple: don’t negotiate. Paying the ransom won’t get you anywhere except providing you with the decryption key.

It’s better to just take the loss, improve your security, and work on your prevention tactics. Lockbit typically relies on the tried-and-tested phishing bait to gain access to potential victims. It’s nothing too advanced or groundbreaking.

This means that a bit of knowledge and education can go a long way in preparing you and your employees against these traps.

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