LockBit ransomware is one of today’s most notorious cyber threats and has evolved into one of the most sophisticated and dangerous groups on the world stage. With a Ransomware-as-a-Service (RaaS) model, LockBit allows affiliates to carry out attacks effectively, mainly targeting large companies and institutions.
LockBit is a ransomware variant first detected in September 2019, quickly gaining notoriety for its ability to efficiently encrypt data and demand exorbitant ransoms. Its third version, LockBit 3.0, introduced improvements to the ransomware infrastructure, making the attacks faster, harder to detect and even more devastating for victims.
Unlike other ransomware groups, LockBit focuses on large companies, exploiting vulnerabilities in security systems and implementing almost irreversible data encryption if the ransom is not paid.
How does the LockBit Group work?
The LockBit group operates based on the Ransomware-as-a-Service (RaaS) model, where developers supply malicious software to affiliates, who are responsible for carrying out the attacks. These affiliates receive a significant percentage of the ransom, while the rest is handed over to the ransomware developers.
Some of the main strategies used by operators include:
- Exploitation of vulnerabilities: Attackers use known and poorly configured vulnerabilities in IT systems, such as unpatched servers or poorly managed firewalls.
- Targeted phishing: The group uses social engineering and spear-phishing tactics to trick employees into downloading malware or providing access credentials.
- Data exfiltration: Before encrypting files, the LockBit group exfiltrates large volumes of data, which gives them additional negotiating power as they can threaten to leak confidential information.
A distinguishing feature of LockBit 3.0 is its bug bounty program-an uncommon practice in ransomware groups-where they offer rewards to those who find flaws in their own software, increasing the robustness of their operations.
Recent Global Impact Data
According to Cybersecurity Ventures’ Ransomware Report 2024, ransomware as a whole is expected to cause global damage totaling approximately 265 billion dollars by 2031, with LockBit being responsible for a significant portion of recent attacks. In 2023, LockBit was involved in more than 40% of all ransomware incidents reported globally.
Chainalysis’ cyber intelligence unit reported that in 2022, LockBit accumulated around 91 million dollars in ransom payments, with the average ransom payment being $1.5 million per victim. In addition, a Sophos study showed that, on average, LockBit attacks result in 21 days of downtime for affected companies, causing huge operational losses.
Evolution of LockBit Ransomware
LockBit ransomware is widely known in the cybersecurity world for its rapid evolution and the various versions that have introduced improvements and more sophisticated tactics. Since its first appearance in 2019, LockBit has undergone a series of significant updates, with each new version making the ransomware more powerful, efficient and difficult to combat.
LockBit 1.0: The Beginning (2019)
The original version of LockBit, released in September 2019, was one of the first to use the “self-propagation” technique, where the ransomware moves laterally within the network, quickly infecting other connected devices and servers. Some notable features of LockBit 1.0 include:
- Self-propagation via SMB: Ransomware exploits vulnerabilities in the Server Message Block (SMB) protocol to move laterally across a network.
- Fast encryption: Since its first version, LockBit has stood out for its ability to encrypt data quickly, minimizing the response window for security teams.
- Focus on large companies: The first version of LockBit was aimed at large organizations, taking advantage of vulnerabilities in corporate networks.
This first version already indicated the seriousness of the group, with successful attacks on large corporations, but it didn’t offer more advanced features like those introduced in later versions.
LockBit 2.0: Refinement and Double Threat (2021)
In June 2021, the group launched LockBit 2.0, which brought a series of improvements and made ransomware one of the most dominant threats on the world stage. Significant improvements in this version include:
- Ransomware-as-a-Service (RaaS) model: LockBit 2.0 formalized its RaaS model, allowing affiliate operators to use the ransomware in exchange for a percentage of the ransoms. This expanded the operator base and increased the frequency of attacks.
- Double extortion: Introduced the double extortion technique, in which attackers not only encrypt data, but also exfiltrate confidential information. The threat of disclosing this data creates additional pressure for the victim to pay the ransom.
- Optimized encryption speed: LockBit 2.0 has become one of the fastest ransomwares, capable of encrypting entire networks in minutes, drastically reducing the response time of IT teams.
- Improved negotiation interface: Version 2.0 has also improved the negotiation process between victims and ransomware operators, with dedicated payment sites and direct communication.
The enhancements to LockBit 2.0 made this version especially effective against companies that were not prepared to deal with data exfiltration, as the loss of critical or confidential information could result in irreparable damage to reputation and operations.
LockBit 3.0 (LockBit Black): The Technological Breakthrough (2022)
Released in early 2022, LockBit 3.0, also known as LockBit Black, is the latest and most advanced version of this ransomware. With significant improvements, LockBit 3.0 not only continued with the double extortion and RaaS tactics, but also innovated in several areas, such as incorporating bug bounty programs for those who find flaws in the ransomware. The main new features of LockBit 3.0:
- Bug Bounty Program: For the first time in the history of ransomware, LockBit 3.0 introduced a bug bounty program, where hackers offer rewards to anyone who finds vulnerabilities in their own software, improving the effectiveness and security of the operation.
- Selective encryption: Unlike previous versions, LockBit 3.0 has the ability to selectively encrypt critical files, speeding up the process and prioritizing the most valuable data.
- Anti-analysis protection: Advanced evasion techniques have been introduced to avoid detection by security solutions, making ransomware analysis more difficult for cybersecurity experts.
- Improved speed: Encryption and lateral movement within networks have become even faster and more efficient, aiming to maximize the impact before any mitigation response is possible.
- Ransom customization: LockBit 3.0 allows operators to customize ransom demands, making the extortion process more specific to each victim, which increases the effectiveness of negotiations.
In addition, LockBit 3.0 has strengthened its anonymity measures, using sophisticated cryptography to protect itself from tracking by security authorities. This new level of sophistication has consolidated LockBit as one of the most dangerous ransomwares in circulation.
Version comparison
Features | LockBit 1.0 | LockBit 2.0 | LockBit 3.0 (Black) |
Release Year | 2019 | 2021 | 2022 |
RaaS model | No | Yes | Yes |
Cryptography | Quick | Faster and more efficient | Selective and even faster |
Double Extortion | No | Yes | Yes |
Bug Bounty Program | No | No | Yes |
Anti-Analysis Protection | basic | Appreciated | Advanced |
Lateral movement | Via SMB | Via SMB and RDP | More efficient and invisible |
Trading Interface | Basic | Appreciated | Interface but avançada |
LockBit ransomware continues to evolve at an alarming rate, with each version bringing improvements that make the attacks faster, harder to prevent and more devastating. Starting with LockBit 1.0, the group quickly became a dominant force with LockBit 2.0, adopting double extortion and a RaaS model that attracted countless affiliates. With LockBit 3.0 (LockBit Black), they redefined sophistication in ransomware, introducing selective encryption, bug bounty programs and enhanced protections against detection.
Protecting yourself against LockBit and its variants requires robust cyber security measures, such as regular backups, network segmentation, intrusion detection and the creation of incident response plans. Keeping up to date with the LockBit group’s latest tactics is crucial to mitigating the damage and minimizing the risks. If you’ve been affected by a Lockbit ransomware attack, you can rely on our solutions to decrypt ransomware files, so contact our experts now.