What is LockBit? The hacker group said to be behind the attack on one of the China’s largest bank, ICBC

China’s largest bank, ICBC, has been targeted in a ransomware attack, causing disruption in the US Treasury market. The attack is believed to have been carried out by LockBit, a Russian-speaking ransomware syndicate that has previously targeted organizations such as the Royal Mail and Boeing. LockBit is known for its use of double extortion tactics, where stolen data is threatened to be released if ransom is not paid. The group operates as ransomware-as-a-service, with affiliates sharing in the ransom payments. LockBit is unique in its ability to self-propagate and spreads autonomously.