Retail Merchant Services Hit by Ransomware Attack

Retail Merchant Services, a UK financial services organization, has been hit with a ransomware attack. Lockbit ransomware group uploaded the organization to its dark web blog page on 29 May, claiming it will publish all stolen data on June 23 in the ransom is not paid. The group is asking for $5000 to extend the deadline by 24 hours, or $5 million to destroy or download the data. Retail Merchant Services is a financial services institution based in Milton Keynes, England, that provides small businesses with secure payment service. It was founded in 2007 and employs 100+ employees. Retail Merchant Services has not yet confirmed the incident.

About Lockbit Ransomware

Lockbit ransomware is designed to block user access to computer systems in exchange for a ransom payment. It was first identified in 2019 and has previously targeted organizations in the US, China, India, Indonesia, and various European countries. It is a subclass of ransomware called ‘crypto virus’ as it forms ransom requests around financial payment in exchange for decryption. It focuses mostly on enterprises and government organizations rather than individuals. It functions as a Ransomware-as-a-Service operation.

Ransomware Attack Tactics

Ransomware attacks typically involve threat groups encrypting an organization’s data and demanding a ransom for the decryption key. Cybercriminals typically target organizations that will suffer greatly from stolen data or downtime, and that can afford to pay ransoms.