The LockBit ransomware group has been relentless in its cyber attacks over the past month, targeting organizations across sectors. Their actions include claiming responsibility for the recent cyber attack on Cortina Watch and revealing a list of 24 new victims, including the Cross City Tunnel in Australia.
Adding to their victim list, the LockBit ransomware group has now claimed to target three US organizations: RAM Mutual Insurance Company, GSL Electric Inc., and Erie Materials Inc.
At the time of writing, the website of RAM Mutual Insurance Company was inaccessible, whereas the websites of GSL Electric Inc. and Erie Materials Inc. remained operational.
Each ransom post on LockBit blog contained the company’s description and a specified deadline, indicating an intention to negotiate. Additionally, the post offers various payment options for extending the deadline, destroying the data, or downloading it.
The Cyber Express has reached out to the listed companies to verify if they have experienced any security incidents in the recent past or if they are aware of the claim made by the hacker collective.
Decoding LockBit ransomware group’s arbitrary attacks
In the recent years, LockBit ransomware has emerged as a significant cybersecurity threat, targeting organizations across various sectors.
According to a Ransomware Trends 2023 Q1 report by CyberInt, LockBit was the “number one group” with an average of approximately 23 victims per week and accounting for nearly 33% of all ransomware incidents this quarter.
The group operate by encrypting victims’ files, rendering them inaccessible until a ransom is paid. Said to be run by Russian threat actors, LockBit is known for its sophistication and advanced techniques, making it challenging to detect and mitigate.
Failure to comply with the ransomware group’s demands within the given timeframe often results in the threat actors leaking the stolen data or permanently deleting it.
LockBit Ransomware Group Focuses on Small Business Sector
Most small businesses, often lack security measures to defend themselves against sophisticated attacks by advanced persistent threat (APT) groups, leaving them vulnerable.
Taking advantage of the same, the LockBit ransomware group has intensified its focus on targeting small businesses, posing a grave cybersecurity threat.
According to a recent report on cyber attacks on SMBs, 43% of cyber attacks are targeted at small businesses, with only 14% equipped to defend these attacks.
RAM Mutual Insurance
RAM Mutual Insurance company was established in 1931 with the objective of offering reinsurance to a collective of Minnesota township mutual insurance companies.
Over time, RAM Mutual Insurance Company adapted and began serving as the primary reinsurer for the majority of Minnesota township mutuals, RAM Mutual Insurance Company provides valuable assistance such as loss prevention, investigation services, and various other forms of support to these mutuals.
According to the company’s LinkedIn description, RAM Mutual Insurance offers products to approximately 600 independent insurance agencies across Minnesota, servicing approximately 42,000 policyholders.
GSL Electric
Established in 1981, GSL Electric Inc is a small construction company catering to the Western United States.
With offices in Utah, Las Vegas, the company offers services that include electrical construction, engineering, estimating, design build, Communications, Pre-Fabrication, Owner Equipment Manufacturing and more.
Erie Materials Inc
Erie Materials Inc, a family-owned and independent business, has been operating since its establishment in 1973. According to a Bloomberg report, the company specializes in the wholesale and distribution of various building and construction materials, including roofing, siding, insulation, and more.
Erie Materials serves the New York and Northern Pennsylvania regions, catering to the needs of contractors and professionals in the industry.
Small Businesses Must Prioritize Cybersecurity
With the way technology is advancing, cyber attacks are only expected to increase. To stay secure, it is essential for small businesses to enhance their cybersecurity measures.
It is the need of the hour to prioritize cyber security and implement cybersecurity best practices to protect themselves against cyber risks such as data breaches, phishing attacks, ransomware attacks, and more.
Proactive cybersecurity measures are essential for safeguarding sensitive data, maintaining customer trust, and ensuring the long-term success of small businesses in the digital age.
Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only, and users bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.
