CUBA Ransomware gained $60 million ransom from 100 victims

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FBI, in association with CISA, issued a joint statement claiming Cuba Ransomware gang has raked in $60 million in ransom from over 100 victims worldwide. And they attained the monetary benefits in just one month, i.e., August 2022.

The advisory was issued as a follow up to a similar statement issued at the same time last year and has warned that organizations which are into the management of US Critical Infrastructure should be extra vigilant about the ongoing threat.

Ransomware is a kind of malware that allows the hacker to steal data and then encrypt a database until a ransom is paid. Many state-funded actors along with individuals are nowadays getting over-involved in this business as it guaranty’s a pay for sure.

In the past two months, the FBI gained intelligence from its sources that Cuba Ransomware gang was showing a lot of interest in firms involved in public health, manufacturing, financial services, government services and Information Technology. And might increase the ransom from $60m per target to $145m.

Federal Bureau of Investigation is urging companies not to pay any payment to the hackers as it not only encourages crime but also doesn’t guarantee a decryption key in return.

Furthermore, the hackers can take this payment scheme as an opportunity to strike the organization twice or thrice.

NOTE- Australian government is planning to impose a ban on cryptocurrency as it will help curb the spread of ransomware crime certainly. However, a formal law has to be drafted and passed on this note. And that’s not an effortless task for the politicians as prevalence and curb of digital currency is next to impossible, virtually.

 

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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