Lockbit Targets 2 Companies

Bogdan Pătru

By Bogdan Pătru . 26 May 2024

Tech Writer

Alex Popa

Fact-Checked this

The notorious ransomware gang, Lockbit, announced 2 more breaches today. The companies are located in the US and the UK and come from different industries. Lockbit hackers also posted short summaries of the 2 victims.

  • One of the businesses got a week to contact the hackers for negotiations, while the other has time until the 7th of June
  • Lockbit is known to target medium and high-profile organizations, both state-owned and private
  • The hackers conduct ruthless negotiations and typically demand high ransoms based on the victim’s revenue profile
  • The victims haven’t commented on the events, which is typical with these types of incidents

Lockbit has been targeted by the FBI in a joint operation earlier this year, but managed to overcome it with ease. The FBI aimed to dissolve the gang and seize its assets. Operation Cronos backfired, as Lockbit was able to bounce back within days.

At this moment, Lockbit occupies the first place in the top of the most dangerous and effective ransomware gangs in the world. The organization uses advanced tactics and MOs to encrypt the victims’ files and extract as much valuable data as possible.

In 2023 alone, Lockbit reached the top with 979 confirmed victims, which amounted to 24% of all ransomware attacks that year. Given the sheer amount of ransomware organizations operating today, these numbers are already astounding.

X showing the LockBit attack on the 2 victims

2024 would be the 4th year in a row that Lockbit has retained its undisputed king in the ransomware sphere. The organization is currently the most advanced and most active of all.

Lockbit functions based on the double-extortion practice. The operators infiltrate the victim’s system, encrypt the target files, and exfiltrate any valuable data they can find. They will also leave behind a ransomware note instructing the victims on how to contact them.

Why are Ransomware Attacks So Damaging?

The financial issue is the one that jumps to mind first. If you want your system decrypted and your data back, you need to pay the ransom. Which, more often than not, is quite hefty.

Then you have the data loss itself. The hackers will gain access to your confidential data, and they may not give it back. Even paying the ransom won’t guarantee that. Studies show that many ransomware gangs keep the data even after the victims pay.

They will use it to their own advantage or sell it to interested third-parties. Or, which is typically the case, both.

Then there’s the legal problem. A business that experiences a ransomware breach resulting in massive data leaks will have legal problems to face. Because it was the business’s responsibility to keep their customers and employees’ data safe.

So, there’s every incentive to prevent ransomware attacks or, at the very least, handle them properly whenever they occur. Which, in simple terms, translates to adopting the no-negotiation approach.

If you ever get breached, work with cybersecurity experts to decrypt your system and regain access to your data. Don’t pay the ransom because, as data shows, that doesn’t guarantee that the hackers will delete your data.

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