What Is Lockbit 3.0, Features And Implications For Businesses And Organizations

Discover LockBit 3.0, the ransomware: its characteristics, how it spreads and its effects. Learn how to protect yourself from this cyber threat.

What is LockBit 3.0?

LockBit 3.0 is an advanced evolution of the type of ransomware that has emerged as a significant threat in the cyber world.

This variant has affected critical infrastructure and corporate networks, causing experts and organizations to re-evaluate their cybersecurity measures.

Originating from previous versions of LockBit, this ransomware has evolved in terms of efficiency, speed, and evasion capabilities.

Previous versions

Since its emergence in late 2019, the creators of LockBit have devoted considerable technical energy to perfecting their malware, releasing two significant versions: LockBit 2.0 in 2021 and LockBit 3.0 in June 2022.

These versions are also known as LockBit Red and LockBit Black, respectively.

The June 2023 document prepared by the FBI, BSI, ACSC, and other government agencies reports 1,700 LockBit attacks from 2020 to the present.

Characteristics of LockBit 3.0 ransomware

LockBit 3.0 has several notable features. It has ultra-fast encryption speeds, allowing you to lock files in a matter of minutes.

In addition, it has a proven ability to bypass security measures, making it even more dangerous.

Its administration panel is designed to be intuitive, making it easy for cybercriminals to manage attacks.

In addition, its RaaS model has expanded its reach, allowing affiliates with no technical experience to launch attacks.

The Cybersecurity and Infrastructure Security Agency (CISA) reveals the technical capabilities of LockBit 3.0:

“LockBit 3.0 accepts additional arguments for specific operations in lateral movement and rebooting into Safe Mode. If a LockBit affiliate does not have access to passwordless LockBit 3.0 ransomware, then a password argument is mandatory during the execution of the ransomware.

LockBit 3.0 affiliates failing to enter the correct password will be unable to execute the ransomware. The password is a cryptographic key which decodes the LockBit 3.0 executable. By protecting the code in such a manner, LockBit 3.0 hinders malware detection and analysis with the code being unexecutable and unreadable in its encrypted form.”

How does Lockbit 3.0 work?

Like other ransomware, LockBit 3.0 encrypts victims’ files and demands a ransom to decrypt them.

The victim receives a message with the new filename <ransomware ID>.README.txt and their computer screen background changes.

However, what sets it apart is its efficiency and ability to evade traditional security solutions.

Once it infiltrates a system, it proceeds to encrypt valuable files, leaving victims with few options.

What is the impact of Lockbit 3.0 on businesses and organizations?

The impact of LockBit 3.0 on businesses and organizations has been devastating.

The leak of its builder has led to a proliferation of ransomware.

In September 2022, a LockBit developer released the build code for LockBit 3.0.

This means more cybercriminals have access to your source code, which could lead to an increase in attacks.

Affected organizations face financial losses, business disruptions, and damage to their online reputation.

Corporations and government agencies are the primary victims of LockBit 3.0 ransomware, as they seek out targets that urgently need the encrypted data.

HelpRansomware, the world leader in ransomware decryption, is the only company capable of removing and decrypting ransomware data, regardless of type. 

What should I do if I fall victim to Lockbit 3.0 ransomware?

The HelpRansomware team always warns victims not to pay the ransom.

After paying hackers, data decryption is not safe and cybercrime is encouraged.

Since 2020, LockBit cybercriminals have received $91 million from victims, according to the joint document from the FBI, BSI, ACSC, and other government agencies.

Instead, you should disconnect the affected device, use ransomware removal tools, and open encrypted files from backups.

In addition, seeking help from cybersecurity experts can be invaluable in the recovery process.

According to SOCRadar data, about half of the LockBit 3.0 variant attacks affect US companies (49.3%).

This is followed by France (11.7%), the UK (7.3%), Canada (5.5%) and Italy (5.5%).  

How can LockBit 3.0 ransomware attacks be detected and prevented?

Detecting and preventing LockBit 3.0 attacks is essential.

It is critical to keep backups up to date, implement network segmentation, and ensure that all software is up to date.

In addition, antivirus and anti-ransomware tools can detect and block threats before they cause damage.

The role of cybersecurity education in ransomware prevention

Cybersecurity education plays a critical role in preventing ransomware.

By training employees on best practices and how to recognize threats, organizations can significantly reduce the risk of infection.

Contact HelpRansomware to ensure your employees receive the highest level of training in cybersecurity and ransomware attacks. 

How can you protect your business from Lockbit 3.0 ransomware?

Protecting yourself from ransomware like LockBit 3.0 requires a multi-faceted and proactive strategy.

The first step is to establish a robust backup system. 

These copies should be made regularly and stored in secure locations, preferably separate from the main network, to ensure that in the event of an attack, the company can restore your information without giving in to cybercriminals’ demands.

Ongoing employee training is another critical line of defense.

Ransomware often enters systems through phishing tactics or accidental downloads.

Educating employees about online red flags and best practices significantly reduces the risk of infection.

Network segmentation is also critical. 

By dividing the network into separate segments, ransomware access is limited to critical areas, preventing it from spreading throughout the organization.

Finally, it is important to keep all systems and software up to date.

Cybercriminals often exploit vulnerabilities in outdated software. Keeping everything up to date closes these security gaps and protects the organization from potential attacks.

In addition to the above, it is important to invest in advanced cybersecurity solutions and conduct regular audits.

Conclusions 

Through this guide, you have learned what LockBit 3.0 is, its features, and how it affects businesses.

The following conclusions can be drawn from this article:

• LockBit 3.0 comes from the previous versions: LockBit and LockBit 2.0;
• Since 2020, 1,700 attacks of this ransomware variant have been reported;
• Its RaaS model extends its reach, allowing affiliates with no technical experience to launch attacks;
• The victim receives a message with the new filename <ransomware ID>.README.txt;
• In September 2022, a LockBit developer releases the LockBit 3.0 build code; 
• Since 2020, LockBit cybercriminals have received $91 million from victims;
• Approximately half of LockBit 3.0 variant attacks target U.S. organizations (49.3%).

The HelpRansomware team is able to decrypt LockBit 3.0 data. 

HelpRansomware stands out as the leading ransomware decryption company and is a member of the ReputationUP conglomerate, a world leader in online reputation management.