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LockBit Ransomware Group Claims Responsibility for Cyberattack on Granules India
The Russia-linked ransomware group LockBit has claimed responsibility for a cyberattack on Indian pharmaceutical giant Granules India. The group published portions of the data it allegedly stole on its dark web leak site, listing Granules India as one of its latest victims. Granules India has yet to confirm the ransomware attack, but last month, the company disclosed a cybersecurity incident to Indian stock exchanges, stating that the affected IT assets were isolated. LockBit has emerged as the most deployed ransomware variant worldwide in 2022 and 2023 so far, according to a recently released joint advisory by the U.S. federal cybersecurity agency CISA and its international counterparts in Australia, Canada, France, Germany, New Zealand, and the United Kingdom.
About Granules India
Founded in 1984, Granules India is one of the largest Indian pharmaceutical manufacturers in India. The Hyderabad-based company produces many common off-patent drugs, such as paracetamol, ibuprofen, and metformin. The company also has more than 300 customers in over 80 countries around the world, per the details available on its website. Last month, Granules India reported a 7.8% rise in quarterly profit to $14.6 million for the quarter ended March 31. The company’s shares closed slightly lower at $3.50 on Thursday from the previous share price of $3.48.
LockBit Ransomware Group
LockBit is a ransomware group that was first spotted on Russian language-based cybercrime forums in January 2020. In the last few months, the ransomware gang claimed attacks on various prominent tech companies, including IT services company Accenture and tech manufacturer Foxconn as well as the U.K. health service vendor Advanced and British postal service Royal Mail. The state of California’s finance department, the Los Angeles housing authority, and financial software firm Ion Group are also among the ransomware group’s victims. LockBit threat actors have extorted approximately $91 million in ransoms through about 1,700 attacks targeting U.S. victims since 2020, the recent advisory U.S. and international joint advisory said.
LockBit’s Modus Operandi
LockBit ransomware group uses a double extortion tactic to pressure its victims into paying the ransom. The group steals sensitive data from the victim’s network before encrypting it and threatens to release the data publicly if the ransom is not paid. The group also uses a sophisticated approach to evade detection by security software and to ensure that their ransomware is deployed successfully.
Impact of Ransomware Attacks
Ransomware attacks can have a devastating impact on businesses, causing significant financial losses and reputational damage. The attacks can disrupt operations, leading to downtime and lost productivity. In some cases, the attacks can also compromise sensitive data, leading to data breaches and regulatory fines. The rise of ransomware attacks has prompted governments and cybersecurity agencies worldwide to take action to combat the threat.
Conclusion
The cyberattack on Granules India by the LockBit ransomware group highlights the growing threat of ransomware attacks to businesses worldwide. The attack underscores the need for businesses to take proactive measures to protect their networks and data from cyber threats. Businesses should implement robust cybersecurity measures, including firewalls, antivirus software, and intrusion detection systems, to prevent ransomware attacks. They should also conduct regular security assessments and employee training to raise awareness of the risks of cyber threats. By taking these steps, businesses can reduce their exposure to cyber risks and protect their operations from the devastating impact of ransomware attacks.
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