LockBit 3.0 Ransomware Attack on Price Modern

Overview of Price Modern

Price Modern LLC, headquartered in Baltimore, Maryland, is a prominent company in the Business Services sector, specializing in modern office furniture solutions. Established in 1904, Price Modern has built a reputation for transforming workspaces into functional and stylish environments. The company employs 206 people and boasts an annual revenue of $130 million. Their mission is to create inspired workspaces that enhance company culture and employee engagement, constantly adapting to the evolving market demands.

Details of the Attack

Price Modern recently fell victim to a ransomware attack orchestrated by the notorious LockBit 3.0 group, also known as LockBit Black. The attackers claimed responsibility on their dark web leak site, although specific details about the ransom demand or the extent of the data exfiltration have not been disclosed. The attack has put a spotlight on the vulnerabilities within the company’s cybersecurity infrastructure, highlighting the pervasive threat of ransomware to businesses of all sizes.

About LockBit 3.0

LockBit 3.0 is the latest evolution of the LockBit ransomware family, operating under a Ransomware-as-a-Service (RaaS) model. This model allows affiliates to use LockBit’s sophisticated ransomware for a share of the profits. LockBit 3.0 is known for its advanced anti-analysis techniques, evasion capabilities, and aggressive tactics, including disabling security services like Windows Defender to avoid detection. The ransomware encrypts files, modifies filenames, and drops ransom notes, often changing the victim’s desktop wallpaper to indicate the attack.

Sources

• LockBit 3.0 Update | SentinelOne
• LockBit 3.0 Ransomware Unlocked | VMware
• LockBit Ransomware Group Augments Its Latest Variant | Trend Micro
• Unmasking LockBit 3.0 Ransomware | Palo Alto Networks
• LockBit 3.0 Ransomware Abuses Windows Defender | BlackBerry
• LockBit 3.0 Ransomware Analysis | Infosec Institute