Being seen as dependable is sweet for ‘enterprise’ and ransomware teams care about ‘model popularity’ simply as a lot as their victims
11 Dec 2025
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4 min. learn
Black Hat Europe 2025 opened with a presentation by Max Smeets of Digital Rotes titled ‘Contained in the Ransomware Machine’. The discuss targeted on the LockBit ransomware-as-a-service (RaaS) gang and Max’s analysis into their practices and operations. At their top, between 2022-2024, the group had 194 associates, of which 110 had managed to get a cyberattack to the purpose of negotiation, with 80 of the associates succeeding in getting paid by the ransomware group. (As a reminder, the enterprise mannequin of ransomware is layered: ‘affiliate’ refers back to the crew that researches the sufferer’s networks and identifies and exfiltrates the delicate knowledge to a ransomware gang, equivalent to LockBit.)
Repute is all the things
A key message delivered by Max was relating to popularity, each of the sufferer and the ransomware group. The sufferer firm must uphold their popularity with their prospects and any trace of a knowledge breach can considerably injury it. Curiously, the analysis confirmed that media protection is bigger for the businesses that pay as opposed to those who don’t pay the extortion demand and face longer disruption. The presenter’s view is that the information story turns into in regards to the fee and probably provides the indication the sufferer firm has misplaced management and wanted to pay, producing mistrust and injury to their model.
As somebody who has been near the topic for a number of years, I disagree with this view, at the very least in some circumstances. From a purely monetary perspective, paying the demand may very well be the cheaper answer, and there are lots of examples the place the ultimate prices of a cyber-incident for those who don’t pay are a number of occasions greater than those who do pay – simply assume again to the assaults on Caesers Palace and MGM. Firms have a accountability to shareholders and in some circumstances the only and quickest methodology to recuperate the enterprise and grow to be totally operational could also be to pay the ransomware extortion demand.
In the meantime, restoration of techniques might be advanced, new {hardware} must be acquired, and backups should be restored and analyzed to make sure they’re clear. The ransomware decryption key unlocking the enterprise in hours relatively than days can reduce enterprise disruption and lack of income. Then additionally issue within the affect of an insurance coverage underwriter, who too will wish to reduce their prices and take the trail that minimizes any declare that could be made by the sufferer firm.
In fact, each speedy and long-term downsides are simply as apparent. The fee might purchase time and minimize the invoice – till it does not. For starters, there is not any assure that the decryption key will truly unlock the info. As well as, the victims that comply with ransom calls for could also be seen by attackers as price focusing on once more and, in the end, they might additionally inadvertently validate and reinforce ransomware as a viable ‘enterprise mannequin’.
The ransomware operators are additionally involved about popularity – they should be seen as reliable and to be recognized for upholding their finish of any deal. When enormous quantities of delicate knowledge is exfiltrated and held to ransom, in addition to inner techniques encrypted and acquired to a standstill, any negotiation to unlock techniques and make sure the safety of the info must be from a belief standpoint.
If the negotiator has heard damaging opinions on the ransomware group not offering decryptors or holding onto knowledge, they might advise the sufferer to not pay. It’s essential that when handing over the extortion fee the ransomware group delivers precisely as anticipated, offering the service they’re being paid for in knowledgeable method. The actual problem for any ransomware group just isn’t that of community entry or the exfiltration of knowledge however relatively whether or not the sufferer trusts them sufficient to pay the extortion demand.
Curiously, the operations by legislation enforcement to take down LockBit in 2024 additionally included a marketing campaign to destroy belief within the gang, publicly stating that the gang goes not delete exfiltrated knowledge however maintain on to it. This mistrust marketing campaign might be sufficient for associates to take their alternatives and enterprise to a different group.
What units the value
My takeaway from the presentation was not one thing the presenter acknowledged outright – it’s in regards to the knowledge and reconnaissance the affiliate conducts in regards to the firm. There was a short point out of the analysis and transferring round an organization community in search of delicate knowledge, together with monetary knowledge which will point out willingness to pay or an quantity that might be acceptable.
This brought on a lightbulb second: essentially the most useful doc to a cybercriminal might be the schedule detailing the corporate’s cyber insurance coverage protection. Understanding whether or not the corporate has insurance coverage that features paying an extortion demand and what the extent of protection is gives the cybercriminal the data on the place to set the extortion demand, in order that the chance turns into a monetary difficulty not for the corporate, however for the insurer.
The takeaway is that the cyber insurance coverage coverage and all communication relating to the coverage must be segmented with further safety, or fully air-gapped from the corporate community.
