Understanding LockBit Ransomware

If you have been paying attention to the news, you are aware there has been an attack on Royal Mail’s international operations. LockBit has emerged as the most prolific name in ransomware attacks and is the cause of this latest attack. This malware is being touted as the fastest encryption software in the world.

The LockBit group sells this malware through the ransomware as a service (RaaS) model for financial gain. They are selling this malware on the dark web in exchange for payment, usually cryptocurrency.

LockBit malware encrypts files, but the operators that release the malware also steal the data and threaten to release it online. This is called double extortion.

According to the DoJ, LockBit has been deployed against at least 1,000 victims and has made at least $100 million in ransom demands. This is an extremely dangerous malware threat.

Once your business is infected with malware, it is exceedingly difficult to stop the attack from happening. Your best course of action is to ensure you are protected so the malware cannot make its way onto your network.

Need help ensuring your security solutions stack is doing its job? Let us help. 2W Tech is a technology solutions provider with a team of IT Consultants on staff that are training in security solutions and helping organizations like yours best protect themselves from ransomware and other security threats. Give us a call today to learn more.

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