Trend Micro said it has played a critical role in disrupting the operations of the notorious ransomware group LockBit through a collaborative effort with global law enforcement partners.
A leading cybersecurity company, Trend Micro infiltrated LockBit’s operations, hindering the release of their next-generation ransomware and preemptively safeguarding customers.
The action effectively crippled LockBit’s long-term plans and exposed its vulnerabilities to the cybercriminal underworld.
Robert McArdle of Trend Micro said they collaborated with the United States’ Federal Bureau of Investigation and the National Crime Agency in targeting LockBit.
LockBit had been tagged for a staggering 25 percent of all ransomware leaks in 2023, inflicting billions of dollars in losses on victims worldwide over the past four years.
The disruption came as a welcome relief, particularly for the Philippines, with the Philippine National Police previously warning citizens about LockBit.
The dismantling of LockBit involved a multi-pronged approach, including cryptocurrency seizure, arrests, indictments, and the exposure of group members’ identities.
LockBit’s reputation had rendered it untrustworthy within the cybercrime community, and hindering their ability to operate as a viable business.
Ransomware continues to be a significant threat, disrupting critical infrastructure, businesses, and organizations. Last year alone, ransomware attacks inflicted over $1 billion in damages.