Ransomware Dips As Extortion Groups Seek to Avoid Attention

July 27, 2022 – Published on Bloomberg

A new extortion organization has emerged as the reigning champ of active ransomware gangs. So far this year, the LockBit group has claimed more than 450 victims, twice as many as its nearest competitors, according to GuidePoint Security.

If recent history is any guide, though, LockBit’s dominance in the extortion game won’t last. It’s a murky and cut-throat world where the noisiest ransomware gangs become targets, either of law enforcement, their own members or both.

That may be why many cyber gangs are trying to lay low. After last year saw some of the most dramatic ransomware heists ever—Colonial Pipeline, JBS SA and Kaseya to name a few—criminals appear to be pulling back, at least temporarily, Bloomberg reported. In some cases, they’re changing their tactics to avoid heat from law enforcement.

LockBit, for instance, shut down for a week in June to reboot, suggesting the group is trying to navigate the new realities of ransomware. The new look includes a new website, improved software and a bug bounty program, said Drew Schmitt, managing security consultant for GuidePoint’s research and intelligence team. 

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