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The LockBit takedown is a victory, but it may be fleeting

February 21, 2024 - Law enforcement agencies in the U.S., U.K., and Europe have disrupted the operations of the ransomware group LockBit, leading to arrests and seizure of assets. While this brings temporary relief to victims, experts doubt long-term benefits. Matt Corwin highlights, “This leads to competition for affiliates among the ransomware groups, so the disruption of LockBit creates a vacuum that other groups may look to fill.” Despite takedowns, ransomware remains a lucrative industry, with groups reemerging under new names. Ultimately, there’s a call for concerted efforts from governments, the security industry, and insurers to address the ransomware menace comprehensively.