What is LockBit, the cybercrime gang hacking some of the world’s largest organisations?

While ransomware incidents have been occurring for more than 30 years, only in the last decade has the term “ransomware” appeared regularly in popular media.

Ransomware is a type of malicious software that blocks access to computer systems or encrypts files until a ransom is paid.

Cybercriminal gangs have adopted ransomware as a get-rich-quick scheme. Now, in the era of “ransomware as a service”, this has become a prolific and highly profitable tactic. Providing ransomware as a service means groups benefit from affiliate schemes where commission is paid for successful ransom demands.