"BlackCat (aka ALPHV) Ransomware Is Increasing Stakes up to $2.5 Million in Demands"
The BlackCat ransomware gang's ransom demand requests have increased significantly in value, according to Resecurity (USA). The cybercriminal syndicate actively competes with Conti and the updated LockBit 3.0, and has recently introduced a search based on stolen victim passwords and confidential documents leaked in the TOR network. The amount to be paid exceeds $2 million based on recently compromised victims in the Nordic region, which the group has not yet disclosed. One of the tactics used offers a nearly 50 percent discount to the victim if they are willing to pay. Several ransom demands valued at $14 million were reduced to $7 million, but such amounts remain difficult for enterprises dealing with cybersecurity incidents. BlackCat's most common ransom demand has risen to $2.5 million, and it appears that this trend will continue. The average ransomware payment has increased by 82 percent since 2020, reaching a record high of $570,000 in the first half of 2021, and then nearly doubling by 2022. According to the most recent forecast, global ransomware extortion activity will reach $265 billion by 2031, with total business damages valued at $10 trillion globally. BlackCat has been active since at least November 2021, with major attacks in January to disrupt OilTanking GmbH, a German fuel company, and an attack on Swissport, an aviation company, in February 2022. The group focuses on high-profile companies in critical industries such as energy, finance, legal services, and technology. This article continues to discuss the increase in the value of BlackCat's ransom demand requests and the history of this ransomware family.