Shockingly, individual losses were significant, with one victim losing $9 million and 17 others parting with over $1 million each. The group, suspected that they have links with the now-disbanded Conti Group, employs advanced double-extortion techniques in their cybercrimes.
A drop in attacks during the latter part of this year is credited to authorities dismantling the Qakbot malware’s botnet in August the tool frequently used by Black Basta. Investigation into Bitcoin blockchain connections indicates that 10% of the ransom funds were transferred to the Qakbot platform during its operation.
Using Elliptic Investigator, researchers exposed the gang’s money laundering activities lead to tracing millions of dollars to Garantex and a Russian cryptocurrency exchange that was also facing sanctions. Surprisingly, 35% of Black Basta’s victims opted to pay the ransom highlighting the unfortunate reality that many organizations succumb to the pressures of ransomware attacks.
Being Effective in managing IT security and staying informed about emerging threats while fostering collaboration between the public and private sectors are crucial in the ongoing fight against cybercrime.
Related Articles
The Gig Economy: How Technology is Reshaping Work and Business
The chances are you’ve probably heard musicians, actors, artists, writers, and many others referring to their jobs as gigs. These odd jobs mean they do not have a single long-term employer or a traditional work schedule. While these positions have always been around,...
Keep Your Software Updated: The Key to Optimal Business Performance
Businesses are more dependent on software than ever before. This helps them stay competitive, meet customers' needs, and continue to grow their bottom lines. However, most business software requires ongoing maintenance to keep working effectively — hence the need for...
Watch Out for This Malware Campaign
Social engineering is one of the fastest-growing methods for hackers to gain access to networks for malicious purposes. Essentially, it means deceiving or manipulating someone into providing information that allows a bad actor to steal information or money or gain...