Executive Summary

Unit 42 researchers have observed an increase in BlackSuit ransomware activity beginning in March 2024 that suggests a ramp up of operations. This threat emerged as a rebrand of Royal ransomware, which occurred in May 2023. Unit 42 tracks the group behind this threat as Ignoble Scorpius. Since the rebrand, Unit 42 has observed at least 93 victims globally, a quarter of which were in the construction and manufacturing industries.

The group describes themselves as an “extortioner named BlackSuit” and claims to reverse file encryption for “quite a small compensation essentially.” Although the group states the compensation is small, Unit 42 has observed that, on average, the initial ransom demand is about equal to 1.6% of the victim organization’s annual revenue. As of the date of this report, the median victim revenue across all industries is roughly $19.5 million, making the ransom payout quite significant for all organizations.