Ransomware’s New Masters: How States Are Hijacking Cybercrime

2025-04-23 Virtual Routes

https://virtual-routes.org/pharos-report-no-3-ransomwares-new-masters-how-states-are-hijacking-cybercrime/

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Virtual-Routes-Pharos-Report-Series-No.-3.pdf (4 MB)

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This report provides a comparative analysis of ransomware use by groups linked to four states: Russia, China, North Korea, and Iran. Meanwhile, the evolution of North Korean activity reflects a focus on strategic and tactical financial gain. Iranian actors most frequently deploy ransomware for disruption, popular perception, and reputation, particularly targeting Israeli organisations.

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First seen: Jul 2017
Last seen: May 2026

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