The AlphV/BlackCat Ransomware Attack on FIIG

The AlphV, also known as BlackCat, ransomware gang has attacked FIIG. FIIG is an Australian bonds broker that has over 6000 investors and $6 billion under advice. The company confirmed on June 10th that "an unauthorized third-party" had hacked into its systems. BlackCat has published FIIG's details to its dark web leak site, claiming to have stolen 385GB of commercial data and giving the organization three days to respond.

Introduction to AlphV/BlackCat

First observed in late 2021, AlphV/BlackCat employs a well-developed RaaS (Ransomware-as-a-Service) platform that encrypts by way of an AES algorithm where the AES key is encrypted using an RSA public key. AlphV/BlackCat has the ability to disable security tools and evade analysis. AlphV/BlackCat has rapidly become one of the more active RaaS platforms over the course of 2022.

Innovative Techniques and Rebranding

AlphV/BlackCat is thought to be the first ransomware group using RUST, a secure programming language that offers exceptional performance for concurrent processing. The ransomware also leverages Windows scripting to deploy the payload and to compromise additional hosts. The developers have also been linked to DarkSide/BlackMatter ransomware attacks and may simply be a rebranding of those campaigns.

Double Extortion Schemes

AlphV/BlackCat also exfiltrates victim data prior to the execution of the ransomware – including from cloud-based deployments - to be leveraged in double extortion schemes to compel payment of the ransom demand. They have one of the more generous RaaS offerings, offering as much as 80-90% cut to affiliates.