Hardcore business extortion with HardBit

Introduction

On February 21, 2023, cybersecurity experts reported that the HardBit ransomware gang has adjusted their tactics to ensure that the insurance company covers the full cost of their ransom demands. This group first emerged in October 2022, and unlike other ransomware gangs, they do not use a double extortion model. Instead, they threaten victims with further attacks if their ransom demands are not met and encourage negotiations with victims to reach a settlement.

To maximize their profits, the HardBit ransomware gang is now encouraging victims with cyber insurance policies to share details of their policy so that their demands can be adjusted to fall within the policy. By doing so, the gang hopes to prevent the insurance company from negotiating lower ransom payments and ensure that the full ransom is paid.

These tactics highlight how cyber criminals are constantly changing their strategies to maximize profits. As a result, it's essential that we develop smarter ways to mitigate this threat and disrupt the business model of these cyber criminals. This can include implementing robust security measures, conducting regular employee training to promote cybersecurity awareness, and collaborating with law enforcement agencies to identify and apprehend cyber criminals. Only through a multi-pronged approach can we hope to deter cyber criminals and protect our digital assets from their nefarious activities.

Protect your business with these steps

The evolving tactics of ransomware gangs like the HardBit group underscore the need for proactive and multi-layered approaches to cyber defense. Here are some strategies that individuals and organizations can implement to mitigate this threat pattern:

1. Regularly backup your data: Backing up your data is one of the most important steps you can take to mitigate the impact of a ransomware attack. Regularly backup your data to an offline or cloud-based storage system, and make sure to test your backups to ensure they work.
2. Implement robust security measures: Implementing strong security measures can help prevent ransomware attacks from occurring in the first place. This includes regular software updates and patching, using strong passwords and multi-factor authentication, and deploying firewalls and antivirus software.
3. Educate employees: Educating employees about cybersecurity best practices is crucial in preventing ransomware attacks. This includes conducting regular training sessions, teaching employees how to identify phishing emails and other social engineering tactics, and encouraging them to report any suspicious activity to the IT department.
4. Limit user privileges: Limiting user privileges can help prevent ransomware from spreading throughout a network. Only grant access to necessary systems and data, and make sure to monitor user activity to detect any anomalous behavior.
5. Collaborate with law enforcement agencies: Collaborating with law enforcement agencies can help identify and apprehend cyber criminals. Organizations should report any ransomware attacks to the appropriate authorities and share any information they have about the attack.

In addition to these strategies, it's also essential to regularly review and update your security practices to stay ahead of evolving threats. By taking a proactive and multi-layered approach to cybersecurity, individuals and organizations can mitigate the threat of ransomware attacks and protect their digital assets.

Share if you dare ? Don't be stupid your will face jailtime

it is important to note that sharing information about your cyber insurance policy with ransomware gangs is not only a breach of contract but is also illegal and can result in legal consequences.

It's important for individuals and organizations to understand that disclosing sensitive information, such as the details of your cyber insurance policy, can put your company at risk of further attacks, extortion, and financial loss. Moreover, in many cases, disclosing such information could void your cyber insurance policy, making it impossible to recover any losses caused by the attack.

In addition to this, it's also important to note that the payment of a ransom during a cyber insurance policy period could potentially void the policy, as some insurers may view such payment as a violation of the policy's terms and conditions. This could leave the organization without coverage and potentially liable for any damages caused by the attack.

Therefore, it's crucial for organizations to carefully consider the risks and potential consequences of sharing information with ransomware gangs, and to work closely with their cyber insurance providers to understand the terms and conditions of their policies. Ultimately, the best approach is to implement robust security measures and backup procedures to prevent ransomware attacks from occurring in the first place.