New Ransomware “Egregor” is Threatening Big Companies For Bitcoin

Cybersecurity researchers have learned about new ransomware dubbed “Egregor,” which is gradually rising to pester several organizations in the world, with the recent target being the industrial goods and services companies. Using the malware, the attackers break into the companies’ systems to encrypt their data, which will only be released after victims pay a certain amount of ransom in Bitcoin. 

The researchers also think that ransomware attacks are just getting started. 

Video Gaming Firms Ubisoft, Crytek Already Affected by Egregor

The ransomware was first discovered in September, but it’s spreading rapidly across the world. Popular video gaming companies, such as Ubisoft, Crytek, bookseller Barnes & Noble, and 71 other organizations have been affected by the Egregor malware in more than 19 countries. 

Due to the rate at which the ransomware is spreading, the researchers at Digital Shadows opined that the attackers could be warming up with the attacks after meticulously planning their activities. One of the cybersecurity analysts, Lauren Palace, commented:

“The level of sophistication of their attacks, adaptability to infect such a broad range of victims, and significant increase in their activity suggests that Egregor ransomware operators have been developing their malware for some time and are just now putting it to (malicious) use.”

Ransomware attacks for Bitcoin

They further explained that the main motive for the Egregor attacks is to generate money for the people behind it, just like other ransomware gangs do. As the malware encrypts vital information from the organization’s database, the attackers would threaten to expose the information (usually confidential data) to the public, except the victimized companies comply with paying a ransom in Bitcoin.

They prefer using digital currency as the payment method due to the anonymity it provides for the users. Recently, CipherTrace confirmed in a report that Bitcoin and Monero, a privacy coin, are the two most-used digital currencies by bad actors and the darknet marketplaces.