LockBit ransomware encrypts files on networked computers and demands a cryptocurrency ransom for decryption keys. Unlike many other ransomware types, LockBit has self-spreading capabilities, allowing it to infect multiple systems rapidly. It also has self-updating features to evade detected security measures, making it a continuously evolving threat.
The bad actors behind LockBit are also known for their “name-and-shame” tactics. If victims don’t pay the ransom, LockBit may publish the encrypted files or sensitive data online. This exacerbates the already severe consequences of a ransomware attack.