LockBit 3 attacked a prominent company in the science and technology sector. The company employs approximately 6,500 individuals. Both sensitive and critical data were encrypted, halting their operations and resulting in a staggering ransom demand of USD 14 million.
Data were encrypted
Total cost of services
Total data recovery and de-corruption
The ransomware attack slipped through the company’s security protocols and launched a LockBit 3 encryption campaign. This sophisticated ransomware specifically targeted the company’s servers, effectively locking critical and sensitive data.
These comprised intellectual property, proprietary research, employee records, and confidential client data—a veritable lifeblood of the organization’s operations.
The cyber assault was as unexpected as it was devastating, with the company discovering the breach only when its systems became inaccessible, and a digital ransom note materialized on their screens. The severity of the attack and the nature of the affected data emphasized the urgent requirement for an effective recovery strategy.
LockBit 3 Ransomware Attack Costs
The immediate financial impact of the LockBit 3 ransomware attack was substantial. The initial ransom demand of USD 14 million was astronomical, threatening to severely destabilize the company’s finances.
Operational disruptions were also considerable as the company’s key systems were locked, halting critical processes and leading to a significant productivity drop. Employees were left idling, unable to access the necessary data to perform their tasks, which added to the financial burden.
Moreover, the reputational damage was immense. The breach not only undermined the company’s credibility but also risked eroding client trust, a crucial factor in the science and technology sector.
Proven Data’s Incident Response Process
The entire recovery process, from the initial assessment to complete data restoration, was completed in 48 hours. The total cost of the service, including ransom payment and recovery operations, was USD 5,900 – a small fraction compared to the original ransom demand and the potential losses from prolonged downtime.
Our recovery process involved several critical steps, each tailored to minimize damage, restore functionality, and prevent future attacks.
We began by conducting an immediate assessment of the impacted systems to understand the extent of the breach and identify the ransomware variant. Once confirmed as LockBit 3, we isolated the affected systems to prevent further spread of the ransomware within the network.
While our technical team was working on damage control, our experienced negotiators initiated a dialogue with the attackers. Through strategic negotiation, we were successful in reducing the ransom demand from USD 14 million to USD 1.5 million.
The attackers demanded payment in cryptocurrency. Under our compliance program, we facilitated the secure acquisition of the necessary cryptocurrency to meet the reduced ransom demand.
Upon payment, we received the decryption key from the attackers. Our team diligently began the process of data decryption. We prioritized restoring critical systems first to minimize the impact on business operations and reduce downtime.
To prevent future attacks, we strengthened the company’s cybersecurity infrastructure, implementing advanced threat detection systems, stronger firewalls, and regular system audits, alongside employee training on cybersecurity best practices.