U.S. Attorney for the District of New Jersey Philip R. Sellinger led a panel at the Annual Meeting and Convention on the current threat of cybercrime and the office’s work in disrupting some of the largest ransomware operations in the world.
Ransomware, a type of cyberattack that blocks access to the victim's personal data unless a ransom is paid, is a pervasive threat in society that targets businesses, hospitals, police, government agencies and private individuals, according to the panel. Even global corporations with high-level security systems aren’t immune from ransomware attacks, with Boeing recently experiencing an attempted $200 million ransomware extortion attempt.
Sellinger’s panel chronicled the office’s investigation and prosecution of LockBit, a multinational ransomware group that has targeted over 2,000 victims, receiving more than $120 million in ransom payments. In partnership with United Kingdom law enforcement, the District of New Jersey announced charges this year against five Russian nationals involved with the group.
Since the charges were announced, LockBit’s attacks have decreased by 70%, Sellinger said.
“The losses victims can suffer from a ransomware attack are almost beyond calculation,” Sellinger said. “This entire disruption, as well as the criminal prosecutions, were the result of significant international cooperation. To see that come together was incredibly impressive.”