BlackCat/ALPHV Ransomware Gang Attacks National Institutional Facilitation Technologies

The BlackCat/ALPHV ransomware gang has attacked National Institutional Facilitation Technologies. National Institutional Facilitation Technologies is Pakistan’s largest transactional clearing facilitator. It was incorporated as a joint venture between six Pakistani banks and the private sector in September 1995. BlackCat/ALPHV posted National Institutional Facilitation Technologies to its data leak site on June 23rd, claiming to have stolen “several terabytes of data”, including databases, PII data, and source codes.

Overview of BlackCat/ALPHV Ransomware

First observed in late 2021, BlackCat/ALPHV/ALPHV employs a well-developed RaaS (Ransomware-as-a-Service) platform that encrypts using an AES algorithm where the AES key is encrypted using an RSA public key. BlackCat/ALPHV/ALPHV has the ability to disable security tools and evade analysis. Over the course of 2022, BlackCat/ALPHV/ALPHV has rapidly become one of the more active RaaS platforms. Typically, BlackCat/ALPHV/ALPHV demands ransoms in the $400,000 to $3 million range but has exceeded $5 million.

Innovative Techniques and Affiliations

BlackCat/ALPHV/ALPHV 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

BlackCat/ALPHV/ALPHV 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.