Nevada Ransomware Group targets 5000 victims in US and Europe

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A new variant of ransomware, named Nevada Group by some security researchers reportedly targeted about 5000 victims in US and Europe and this took place after the threat actors started exploiting a software vulnerability in Cloud Servers almost 3 weeks ago and demanded 2BTC or $50,000 to release a decryption key.

CISA and FBI have asked the victims not to reveal their identity until their investigation over the incident gets concluded. However, sources familiar with the incident state that the activity could be the work of China or Russia.

Meanwhile, IBM X Force Threat Intelligence has revealed in its ransomware 2023 report that the malware detection improved the previous year, however in the same year, hackers tried their best to innovate the malicious software so much that it’s proving as a silver bullet to mint money from the victim for sure…..strange, but true!

Another report compiled by security firm Trend Micro confirms that although only 10 percent of ransomware victims pay to the hackers, it is encouraging come to perpetuate as criminals get a boost on seeing millions in payment and that to make in crypto currency, a highly volatile currency standard.

In fact, in the year 2019, the Federal Bureau of Investigation, aka FBI, issued a global alert to ransomware victims, and urged them not to pay the hackers. As it not only encourages crime but also doesn’t guaranty a decryption key for sure, on a ransom payment.

Later it urged victims to pay only if there is no data recovery option left and warned users it can encourage crime and give a boost to hackers to strike the victim twice or thrice.

 

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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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