Latest news with #Lockbit
Forbes
3 days ago
- Business
- Forbes
How Customer Trust Can Shield Your Business In A Crisis
If there's one certainty in these volatile times, it is that the threat of large-scale, disruptive cyber-attacks is here to stay. From US school districts to major brands like Marks & Spencer (M&S), Cartier and Adidas, organisations across multiple industries and regions have experienced severe cybersecurity breaches – with fallout lasting weeks and sometimes months. The attackers don't seem to differentiate by size, industry, or age – indeed, even ransomware extortion group Lockbit suffered a breach of their own in May. Any organisation is a potential target and there's no room for complacency. This is now an everyday reality for modern businesses. If there's one certainty in these volatile times, it is that the threat of large-scale, disruptive ... More cyber-attacks is here to stay. Long-term reputational damage The immediate disruption for companies and customers can be severe, ranging from empty supermarket shelves to payment outages and long delays in online orders. Attacks can also result in serious data breaches, potentially heightening the onward risk of fraud attacks against their customers. In the UK, Deutsche Bank estimated that the recent cyberattack and resulting outages have been costing M&S £15m a week in lost profits, and the issue looks set to continue through the summer. And in the long term, disruptions of this scale can often erode consumer trust. Earlier this year, we conducted extensive research into the key factors influencing perceptions of an organisation's reputation, as well as the impact of customer service failures on long-term reputation and customer engagement. Our data shows that 61% of customers who experienced a major customer service failure feel it has eroded their trust in the organisation. What's even more concerning is that 24% of customers have avoided using an organisation after experiencing a major customer service failure, and a further 30% say they will avoid using the business if they can. This highlights the impact on customer confidence that cyber-attacks and other forms of service disruption can have, leading to longstanding reputational damage. Earning goodwill However, organisations that focus on the right things can mitigate these impacts in significant ways. What we have seen from the M&S case is, even while suffering catastrophic financial damages, brands who have achieved consistently high levels of customer satisfaction retain goodwill, loyalty, and even sympathy from their customers. This ultimately should lead to a faster, smoother recovery once things come back online, with – most importantly – a reduced reputational impact. So, what lessons can be learned? For me, it's about building a strong reputation for excellent service, showing that you genuinely care about your customers, and communicating with authenticity and honesty during times of crisis. Embedding a culture of service from the boardroom right down through the business will also better connect your organisation with your customers, which creates a bank of goodwill to fall back on when disaster strikes. The importance of communication Today's consumers are used to receiving constant information and updates. Our risk and reputation research, which I referenced earlier, shows that customers who have experienced a major customer service failure look to their phones, live websites and apps for information and want updates to reach them there. Companies need to meet this demand to retain their support, demonstrate transparency and honesty about the scale of disruption to their services, be clear about the consequences that may have occurred and issue apologies and updates to customers across all available touchpoints to ensure they are kept informed. Additionally, a consistent, human approach to crises can reduce negative responses from many customers and, in many cases, inspires warmth and sympathy for the brand or organisation. And if the disruption is large-scale and likely to create severe negative backlash, having the head of your organisation remain visible and publicly acknowledge the issue adds a personal face to your organisation, which can be critical. Customers who have experienced a major customer service failure look to their phones, live websites ... More and apps for information and want updates to reach them there. No room for complacency All of this being said, brands with a good record of customer service shouldn't be complacent. Consumer patience and understanding will only go so far. Recent developments have served as a wake-up call to many business leaders about the importance of ongoing investment in sophisticated cybersecurity systems and the risks associated with overreliance on technology. Businesses with well-trained service and operational people can adapt in the face of systems failures to ensure the show goes on. Crises are inevitable, whether due to cyber-attacks, power outages or something else unexpected. Brands can't afford to be reactive. How would your organisation respond to a high-profile operational challenge, and will your customers support your recovery or jump ship to a rival given the opportunity?
New Straits Times
28-05-2025
- New Straits Times
Fall of LockBit, the Russian ransomware giant
THE sudden fall of a ransomware supplier once described as the world's most harmful cybercrime group has raised questions about Moscow's role in its development and the fate of its founder. LockBit supplied ransomware to a global network of hackers, who used the services in recent years to attacks thousands of targets worldwide and rake in tens of millions of dollars. Ransomware is a type of malicious software, or malware, that steals data and prevents a user from accessing computer files or networks until a ransom is paid for their return. LockBit supplied a worldwide network of hackers with the tools and infrastructure to carry out attacks, communicate with victims, store the stolen information and launder cryptocurrencies. According to the United States State Department, between 2020 and early 2024 LockBit ransomware carried out attacks on more than 2,500 victims around the world. It issued ransom demands worth hundreds of millions of dollars and received at least US$150 million in actual ransom payments made in the form of digital currency. But LockBit was dealt its first devastating blow in February 2024 when the British National Crime Agency (NCA), working with the US Federal Bureau of Investigation and other nations, announced it had infiltrated the group's network and took control of its services. Later that year, the NCA announced it had identified LockBit's leader as a Russian named Dmitry Khoroshev (alias LockBitSupp). Lockbit, which the NCA said was "once the world's most harmful cybercrime group", sought to adapt by using different sites. But earlier this year, it suffered an even more devastating breach and received a taste of its own medicine. Its systems were hacked and some of its data stolen in an attack whose origins were mysterious and has, unusually in the cybercrime world, never been claimed. "Don't do crime. Crime is bad. Xoxo from Prague," said a cryptic message written on the website it had been using. "Lockbit was No. 1. It was in survival mode and took another hit" with the leak, said Vincent Hinderer, Cyber Threat Intelligence team manager with Orange Cyberdefense. "Not all members of the group have been arrested. Other, less experienced cybercriminals may join," he added. A French cyberdefence official, who asked not to be named, said the fall of LockBit in no way represented the end of cybercrime. "You can draw a parallel with counterterrorism. You cut off one head and others grow back." The balance of power also shifts fast. Other groups are replacing LockBit, which analysts said was responsible in 2023 for 44 percent of ransomware attacks worldwide. "Some groups achieve a dominant position and then fall into disuse because they quit on their own, are challenged or there's a breakdown in trust that causes them to lose their partners," said Hinderer. "Conti was the leader, then LockBit, then RansomHub. Today, other groups are regaining leadership. Groups that were in the top five or top 10 are rising, while others are falling." In a strange twist, the LockBit data leak revealed that one of its affiliates had attacked a Russian town of 50,000 inhabitants. LockBit immediately offered the town decryption software — an antidote to the poison. But it did not work, said the French official. "It was reported to the FSB (security service), who quietly resolved the problem." One thing appears to be clear — the field is dominated by the Russian-speaking world. Among the top 10 cybercrime service providers, "there are two Chinese groups", said a senior executive working on cybercrime in the private sector. "All the others are Russian-speaking, most of them still physically located in Russia or its satellites," said the executive, who also requested anonymity. "We can't say the groups are sponsored by the Russian state but the impunity they enjoy are enough to make it complicit," argued the French official, pointing to a "porosity" between the groups and the security services. The whereabouts and status of Khoroshev are also a mystery.
Time of India
09-05-2025
- Business
- Time of India
Ransomeware group Lockbit hacked, confirms analysts
The ransomware gang, Lockbit has been reportedly hacked. According to a report by Reuters, security analysts confirmed the leak of internal communications and operational data of Lockbit. The report mentions that a rouge pose on one of Lockbits dark web sites replaced its usual content with a message: 'Don't do crime. CRIME IS BAD xoxo from Prague.' This incident has the potential to significantly disrupt their operations and send ripples through the cybercrime world. As per Reuters, the details surrounding the hacks are scarce, bit it is expected that the group's infrastructure may have been compromised. Operation Sindoor Operation Sindoor: 'India won't give face-saving exit to Pak army chief Asim Munir' Pak def min gives absurd excuse for army's failure to withstand Op Sindoor '1971 war was not remotely as terrifying': Residents of border areas shell-shocked This means that there are chances that the hack may have affected Lockbit's systems used to manage ransomeware operations, store data and also communicate with victims. Christiaan Beek, senior director of threat analytics at cybersecurity firm Rapid7, agreed the leak "looks really authentic." He said he was struck by how it showed Lockbit's hackers hustling even for modest payouts from small businesses. "They attack everyone," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Andrew Ng, Recommends: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo Lockbit is considered one of the world's most prolific cyber extortion gangs, so much so that it was once described as "the Walmart of ransomware groups. By analyst DiMaggio. Despite past disruptions, including a seizure of some of its infrastructure by international law enforcement last year, the group has proven resilient, returning online within days and declaring, "I cannot be stopped." AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Arab News
09-05-2025
- Arab News
Ransomware group Lockbit appears to have been hacked, analysts say
WASHINGTON: The ransom-seeking cybercriminals behind the extortion group Lockbit appear to have suffered a breach of their own, according to a rogue post to one of the group's websites and security analysts who follow the gang. On Wednesday one of Lockbit's darkweb sites was replaced with a message saying, 'Don't do crime CRIME IS BAD xoxo from Prague' and a link to an apparent cache of leaked data. Reuters could not immediately verify the data, which appeared to capture chats between the hackers and their victims, among other things. But others who sifted through the material told Reuters it appeared authentic. 'It's legit,' said Jon DiMaggio, the chief security strategist with the cybersecurity company Analyst1. Christiaan Beek, senior director of threat analytics at cybersecurity firm Rapid7, agreed the leak 'looks really authentic.' He said he was struck by how it showed Lockbit's hackers hustling even for modest payouts from small businesses. 'They attack everyone,' he said. Reuters could not immediately reach Lockbit or establish who had apparently leaked their data. Some darkweb sites associated with Lockbit appeared to be inoperative on Thursday, displaying a note saying they would be 'working soon.' Lockbit is one of the world's most prolific cyber extortion gangs — diMaggio once called it 'the Walmart of ransomware groups' — and it has survived past disruptions. Last year British and US officials worked with a coalition of international law enforcement agencies to seize some of the gang's infrastructure. A few days later, the group defiantly announced it was back online, saying, 'I cannot be stopped.' Behind the bravado, diMaggio said this week's hack was an embarrassment. 'I think it will hurt them and slow them down,' he said.
CNA
08-05-2025
- CNA
Ransomware group Lockbit appears to have been hacked, analysts say
WASHINGTON :The ransom-seeking cybercriminals behind the extortion group Lockbit appear to have suffered a breach of their own, according to a rogue post to one of the group's websites and security analysts who follow the gang. On Wednesday one of Lockbit's darkweb sites was replaced with a message saying, "Don't do crime CRIME IS BAD xoxo from Prague" and a link to an apparent cache of leaked data. Reuters could not immediately verify the data, which appeared to capture chats between the hackers and their victims, among other things. But others who sifted through the material told Reuters it appeared authentic. "It's legit," said Jon DiMaggio, the chief security strategist with the cybersecurity company Analyst1. Christiaan Beek, senior director of threat analytics at cybersecurity firm Rapid7, agreed the leak "looks really authentic." He said he was struck by how it showed Lockbit's hackers hustling even for modest payouts from small businesses. "They attack everyone," he said. Reuters could not immediately reach Lockbit or establish who had apparently leaked their data. Some darkweb sites associated with Lockbit appeared to be inoperative on Thursday, displaying a note saying they would be "working soon." Lockbit is one of the world's most prolific cyber extortion gangs - diMaggio once called it "the Walmart of ransomware groups" - and it has survived past disruptions. Last year British and U.S. officials worked with a coalition of international law enforcement agencies to seize some of the gang's infrastructure. A few days later, the group defiantly announced it was back online, saying, "I cannot be stopped." Behind the bravado, diMaggio said this week's hack was an embarrassment. "I think it will hurt them and slow them down," he said.
