LockBit Ransomware

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About LockBit Ransomware:

It is malicious software designed to block user access to computer systems in exchange for a ransom payment.
It was formerly known as “ABCD” ransomware, but it has since grown into a unique threat within the scope of extortion tools.
It is a subclass of ransomware known as a ‘crypto virus’ due to forming its ransom requests around financial payment in exchange for decryption.
It focuses mostly on enterprises and government organizations rather than individuals.
It functions as ransomware-as-a-service (RaaS). It is now working to create encryptors targeting Macs for the first time.
Working
- It works as a self-spreading malware, not requiring additional instructions once it has successfully infiltrated a single device with access to an organisational intranet.
- It is also known to hide executable encryption files by disguising them in the . PNG format, thereby avoiding detection by system defences.
- Attackers use phishing tactics and other social engineering methods to impersonate trusted personnel or authorities to lure victims into sharing credentials.
- Once it has gained access, the ransomware prepares the system to release its encryption payload across as many devices as possible.
- It then disables security programs and other infrastructures that could permit system data recovery.

Q1: What is Encryption?

Encryption is a way of scrambling data so that only authorized parties can understand the information. In technical terms, it is the process of converting human-readable plaintext to incomprehensible text, also known as ciphertext.

Source: U.S. announces $10 million bounty for alleged LockBit ransomware creator