LockBit Ransomware

1. The US Justice Department has found 31-year-old Russian citizen Dmitry Yuryevich Khoroshev guilty and announced a $10 million reward for information leading to his arrest.
2. Khoroshev is accused of 26 counts related to fraud, extortion, and damage to protected computers.
3. Khoroshev allegedly served as the LockBit ransomware group's developer and administrator from around September 2019 through May 2024.

What is LockBit Ransomware?

1. LockBit Ransomware is malicious software designed to block user access to computer systems and demand a ransom payment in exchange for unlocking the system.
2. Initially known as "ABCD" ransomware, it has evolved into a unique threat within the scope of extortion tools.
3. LockBit Ransomware is a subclass of ransomware known as a "crypto virus" due to its ransom requests for financial payment in exchange for decrypting encrypted data.
4. It primarily targets enterprises and government organizations rather than individuals.
5. LockBit Ransomware operates as ransomware-as-a-service (RaaS) and is currently developing encryptors targeting Macs for the first time.

Modus Operandi (Working Method):

1. Lockbit ransomware works as self-spreading malware, requiring no additional instructions once it has successfully infiltrated a device with access to the organisational intranet.
2. This executable encryption hides files in .PNG format, thereby avoiding detection by system security.
3. Attackers use phishing tactics and other social engineering methods .
4. Once it gains access, the ransomware prepares the system to release its encryption payload across as many devices as possible.
5. It then disables security programs and other infrastructures that could permit system data recovery.

What is Encryption?

1. Encryption scrambles information with a secret key, making it unreadable without the key.
2. Like a locked safe, it protects data (confidentiality) and ensures it hasn't been altered (data integrity).
3. It's widely used to safeguard online transactions, passwords, and emails.

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