US announces $10mn award for information on Hive ransomware gang
hive ransomware
The US Department of State Thursday (Feb 8) announced a reward of up to $10 million for information revealing the identity of the leaders of the Hive ransomware gang. The department said it would also pay up to $5 million for info leading to the arrest and conviction of any of the members in any country.
"Beginning in late July 2022, the FBI penetrated Hive's computer networks, obtained its decryption keys and offered them to victims worldwide, preventing victims from having to pay up to $130 million in ransoms demanded," the State Department said in a statement.
The menace of the Hive ransomware gang
According to the US government, the gang is responsible for targeting over 1,500 institutions in over 80 nations. The group, through its activities, has stolen over $100 million from school districts, financial firms and critical infrastructure.
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Globally, several ransomware gangs operate from different nations, with total payments coughed up by victims surpassing the $1 billion mark in 20203. In the US alone, more than 2,200 hospitals, schools and government institutes were targeted in the last year, along with thousands of private firms.
How does the gang operate?
Hive ransomware gang designs malicious software which can infiltrate the computer networks of organisations by deploying various methods, including phishing emails. The group holds their users hostage and demands heavy payment in return for decryption keys to unlock the organisation’s system.
In one case, Hive's attack on a Midwestern hospital disrupted care during the height of the COVID-19 pandemic and forced institutions to pay a ransom before they could treat their patients, the Justice Department said.
The lucrative award for information was announced just weeks after US Attorney General Merrick Garland announced that the FBI had toppled the international ring, seizing its servers in California after more than a year of spying on the cybercriminals.
(With inputs from agencies)