“US Goes After Russian Ransomware Suspect with $10M Bounty”

The United States government has offered a bounty of $10m for the arrest and/ or conviction of Mikhail Pavlovich Matveev, a Russian national accused of carrying out or enabling ransomware attacks. Matveev, also known by his aliases Wazawaka, m1x, Boriselcin, and Uhodiransomwar, is accused of transmitting ransom demands, meticulously damaging, and conspiring to damage protected systems and computers. The indictment mentions that Matveev used LockBit, Hive, and Babuk – three different strains of malware identified for ransomware attacks – to launch attacks in Passai County, New Jersey; the District of Columbia; and another healthcare organization in Mercer County, New Jersey, and requests the help of the public to catch the suspect.

The Department of Justice (DOJ), which brought the charges against Matveev, has also mentioned that he and his group were allegedly responsible for carrying out approximately 3,000 globally distributed ransomware attacks against government agencies, hospitals, law enforcement centers, schools, and other individuals, with ransom bids of approximately $400m. According to the DOJ’s report, Matveev is the first individual to be designated by the Cyber and International Outlaw Program of the United States.

The globalization of ransomware attacks has caused considerable funding losses, resulting in a $10m bounty on a particular attacker. Against this backdrop, recent reports state that hackers are using a new trick to shock victims into paying ransomware demands. The hackers, posing as law enforcement officials, have begun adding threats of child pornography charges to existing ransomware notes, thereby increasing the emotional stakes for the victim. Subsequently, this activity has united many government and business entities to find solutions to combat and identify appropriate ransomware criminals.

Therefore, the best practice to reduce potential financial and data loss due to rising cases of ransomware attacks is to have a robust backup strategy. The Sophos State of Ransomware Report 2023 found that the median cost for victims to recover their data using backups was only $375,000, while those paying the ransom and relying on decryption tools had a median cost of $750,000, significantly higher. In light of this, experts recommend having a reliable backup recovery plan, preferably maintained offline, to ensure the lowest loss in case of a potential ransomware attack.

In conclusion, the US bounty represents a step towards a more robust and effective mechanism for identifying and apprehending cybercriminals involved in ransomware attacks. It is a timely reminder that the importance of strong and effective internet security mechanisms and backup strategies is essential in safeguarding against falling prey to unauthorized ransomware attacks against individuals and business entities.