LockBit Ransomware

A specific kind of ransomware called LockBit is made to encrypt the victim’s files and demand money in return for the decryption key. LockBit’s initial version was found in September 2019, and since then, it has developed into sophisticated malware that has seriously harmed many enterprises across the globe.

Often, phishing emails with a malicious attachment or link are used to spread LockBit. The malware starts to infect the system and encrypt files as soon as the victim clicks the attachment or link. LockBit encrypts data using powerful encryption methods like RSA and AES and renders them inaccessible to the victim.

The malware then generates a ransom note after the encryption procedure is finished with instructions on how to pay the ransom and get the decryption key. The capacity of LockBit to expand laterally across a network of an organization is one of its distinctive characteristics. This indicates that, after infecting a single computer, it can easily propagate to further ones connected to the same network and do considerably more harm.

In addition to deleting shadow copies of files and disabling backup systems, LockBit might prevent users from recovering their data without paying the ransom. A group of online criminals thought to be situated in Eastern Europe run LockBit. The gang has a ransomware-as-a-service (RaaS) business model, which involves giving other cybercriminals access to the virus so they may launch assaults. The gang receives a part of the victims’ ransom payments in the form of a percentage.

1. Acer – In March 2021, the Taiwanese computer maker Acer was the target of LockBit’s attack. A $50 million ransom was demanded in return for the decryption key that would unlock their files. Acer did not disclose if they had paid the ransom, however it is thought that the attack severely disrupted their business activities.

2. Accenture – In August 2021, LockBit launched an attack against the consulting giant Accenture, potentially gaining access to and stealing private client data. To prevent the release of the material, the ransomware organization sought a $50 million ransom payment. They claimed to have stolen more than 6 gigabytes of data. New Cooperative Inc. – In October 2021, LockBit targeted a major agricultural cooperative in the United States, causing significant disruption to their operations. The attack forced the cooperative to shut down their systems for several days,
potentially impacting thousands of farmers across the country.

3. New Cooperative Inc. – In October 2021, LockBit attacked a prominent agricultural cooperative in the US, severely disrupting their business. As a result of the attack, the cooperative was forced to shut down its services for several days, potentially affecting thousands of farmers across the nation.

4. Barnes & Noble – In December 2021, the US bookseller Barnes & Noble was attacked by LockBit, who demanded a ransom to keep the stolen data from being made public. The business claimed that no client data had been compromised in the hack, but they did not say if they had paid the ransom.​ Royal Mail – In January 2023, the nation’s largest postal delivery service was attacked. Royal Mail is regarded as a crucial infrastructure, and the disruption of its operations would have a severe impact on the nation’s economy and supply chain.

These attacks serve as a reminder of the growing danger posed by ransomware and the need for businesses and organizations to take preventative steps to safeguard their systems and data. It’s crucial to frequently backup data and keep software and systems updated with the most recent security updates if you want to safeguard yourself against LockBit and other ransomware variants. It is also crucial to use anti-malware software to find and eliminate any potential risks and to exercise caution when reading emails or clicking on links from unfamiliar sources. Emails or clicking on links from unknown sources and to use anti-malware software to detect and remove any potential threats.