LockBit: The World’s Top Ransomware Threat
Ransomware is a type of malware that has been around since 1989, but it has become the most common cyber threat that Canadians face today. In the first half of 2021, worldwide ransomware attacks increased by 151% compared to the same period the year before. LockBit is one of the most common ransomware variants in use today, and it has been identified as the world’s top ransomware threat by cyber authorities from seven countries, including the United States, Canada, Britain, France, Germany, Australia, and New Zealand.
What is LockBit?
LockBit is a digital extortion gang that operates under the LockBit banner. Its extortion software is used to scramble victims’ data until a ransom is paid. LockBit is one of several groups that uses an affiliate model, effectively letting other cybercriminals use its code and infrastructure in return for a cut of the profits. The first observed activity of the predecessor to LockBit was in September 2019, and LockBit-named ransomware was first seen on Russian-language-based cybercrime forums.
How Prolific is LockBit?
According to the joint advisory issued by the seven countries, LockBit was the most deployed ransomware variant across the world in 2022 and continues to be prolific in 2023. The advisory only cited hard figures from three countries, with 1,700 LockBit-related incidents reported or confirmed in the United States, 69 in France, and 15 in New Zealand. But LockBit accounts for a big chunk of the ransomware incidents tracked by all seven governments, according to the advisory, which said the agencies involved attributed somewhere between 11% to 23% of all recent ransom-seeking hacks to the group.
How Does LockBit Work?
LockBit works by encrypting a victim’s files and demanding payment in exchange for decryption. The ransom demand is usually made in cryptocurrency, which makes it difficult to trace. LockBit typically demands a high ransom, and the gang is known to threaten to leak sensitive data if the ransom is not paid. The business around ransomware has become increasingly sophisticated, and LockBit is one of the groups leading the way.
What Can You Do to Protect Yourself?
The best way to protect yourself from ransomware is to take preventative measures. Here are some tips:
1. Keep your software up to date: Make sure you install updates for your operating system, web browser, and other software as soon as they become available.
2. Use strong passwords: Use a unique, complex password for each account, and consider using a password manager to keep track of them.
3. Be cautious with email attachments: Don’t open email attachments from unknown senders, and be wary of unexpected attachments from known senders.
4. Back up your data: Regularly back up your important files to an external hard drive or cloud storage service.
5. Use antivirus software: Install reputable antivirus software and keep it up to date.
Conclusion
LockBit is the world’s top ransomware threat, and it continues to be prolific in 2023. Ransomware attacks have increased by 151% in the first half of 2021 compared to the same period the year before. It’s essential to take preventative measures to protect yourself from ransomware, such as keeping your software up to date, using strong passwords, being cautious with email attachments, backing up your data, and using antivirus software. The joint advisory issued by the seven countries is an encouraging sign of global cooperation in the fight against cybercrime.
