FBI Unveils Latest Initiative to Combat Ransomware Group Linked to MGM Cyberattack
The Federal Bureau of Investigation (FBI), in collaboration with other agencies, is working to combat the ransomware group and tools behind the MGM Cyberattack.
According to the Justice Department, one of the biggest ransomware operations ravaging several firms may come to an end due to a joint effort of American and European law enforcement agencies.
On Tuesday, the Ministry of Defense openly declared the availability of a decryption tool. This is to assist in wiping malware utilized by the gang from the systems of its victims.
ALPHV/Blackcat claimed responsibility for the attack on MGM. Due to the intrusion, the resort closed down as several key amenities were offline. Subsequently, MGM stated in a Securities and Exchange Commission report that the incident and its sequel led to the loss of almost $100 million.
Brett Callow, an expert at cybersecurity firm Emsisoft, mentions how Alphv is also a cause against several US medical facilities and municipal governments last year beyond the MGM hack.
Growing Threat of Ransomware Strain
Attacks using ransomware typically put victim organizations under two different kinds of strain. The first is to post sensitive and private content that has been compromised to a bespoke website on the dark web. The other is to encrypt the machine to lock out the owner. This strategy has worked well for demanding money from a variety of businesses and governments.
ALPHV currently boasts of more than $200 million in ransom payments since late 2021. The MGM breach signified a notable uptick in the cooperation of several cybercriminal gangs.
Strategies of Cybercriminals on MGM Operations
The first cybercriminals to gain entry to MGM activities seem to be a small team of young, fluent English speakers who team up with the Alphv developers who speak Russian. Although law enforcement has not yet announced plans to take action against these English-speaking hackers. The FBI indicate that they are still looking into their activities.
Few signs point to a long-term impact of the Justice Department setback. The people creating Alphv is mainly Russian-speaking and are thought to live in Russia. This is outside the purview of Western law enforcement. Law enforcement in Russia rarely penalizes operators of ransomware.
