Hive ransomware: modern, efficient business model

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The US Justice Department's shutdown Thursday of the Hive ransomware operation -- which extorted some $100 million from more than 1,5000 victims worldwide -- highlights how hacking has become an ultra-efficient, specialized industry that can allow anyone to become a cyber-shakedown artist.

Hive operated in what cybersecurity experts call a"ransomware as a service" style, or RaaS -- a business that leases it software and methods to others to use in extorting a target.

At one end are the initial access brokers, who specialize in breaking into corporate or institutional computer systems.The US Justice Department announced January 26, 2023 it had shut down the Hive ransomware operation, which had extorted more than $100 million from more than 1,500 victims worldwideBut the operator depends on RaaS developers like Hive, which have the programming skills to create the malware needed to carry out the operation and avoid counter-security measures.

That ransom can run from thousands to millions of dollars, usually depending on the financial strength of the target.Menlo Security, a cybersecurity firm, last year published the conversation between a target and Hive's"Sales Department" that took place on Hive's special portal for victims. FBI Director Christopher Wray with Deputy Attorney General Lisa Monaco , and US Attorney General Merrick Garland , announce an international ransomware enforcement action against Hive on January 26, 2023If a target organization refuses to pay, the RaaS developers hold a backup position: they threaten to release the hacked confidential files online or sell them.

 

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