# [HIGH] Black Hat Europe 2025: Reputation matters – even in the ransomware economy

**Source:** ESET WeLiveSecurity
**Published:** 2025-12-11
**Article:** https://www.welivesecurity.com/en/business-security/black-hat-europe-2025-reputation-ransomware/

## Threat Profile

Black Hat Europe 2025 opened with a presentation by Max Smeets of Virtual Rotes titled ‘ Inside the Ransomware Machine’ . The talk focused on the LockBit ransomware-as-a-service (RaaS) gang and Max’s research into their practices and operations. At their height, between 2022-2024, the group had 194 affiliates, of which 110 had managed to get a cyberattack to the point of negotiation, with 80 of the affiliates succeeding in getting paid by the ransomware group. (As a reminder, the business model …

## Indicators of Compromise (high-fidelity only)

- _No high-fidelity IOCs in the RSS summary._ If the source publishes a technical write-up with defanged IOCs in the body, those would be picked up automatically on the next pipeline run.

## MITRE ATT&CK Techniques

- **T1486** — Data Encrypted for Impact
- **T1003.001** — LSASS Memory
- **T1003** — OS Credential Dumping
- **T1021.002** — SMB/Windows Admin Shares
- **T1569.002** — Service Execution

## Kill chain phases observed

_(none detected from narrative keywords)_

## Recommended hunts

### Ransomware-style mass file rename / extension change

`UC_RANSOM_ENCRYPT` · phase: **actions** · confidence: **Medium**

**Splunk SPL (CIM):**
```spl
| tstats `summariesonly` count, dc(Filesystem.file_name) AS files
    from datamodel=Endpoint.Filesystem
    where Filesystem.action IN ("modified","renamed")
    by Filesystem.dest, Filesystem.user, _time span=1m
| `drop_dm_object_name(Filesystem)`
| where files > 200
| sort - files
```

**Defender KQL:**
```kql
DeviceFileEvents
| where Timestamp > ago(1d)
| where InitiatingProcessAccountName !endswith "$"
| where ActionType in ("FileRenamed","FileModified")
| summarize files = dcount(FileName) by DeviceName, InitiatingProcessAccountName, bin(Timestamp, 1m)
| where files > 200    // empirical: > 200 unique-file renames in 1m by one account on one host
                       //            is well above the P99 of legitimate bulk-tooling
| order by files desc
```

### LSASS process access / dump (credential theft)

`UC_LSASS` · phase: **actions** · confidence: **High**

**Splunk SPL (CIM):**
```spl
| tstats `summariesonly` count min(_time) as firstTime max(_time) as lastTime
    from datamodel=Endpoint.Processes
    where (Processes.process="*lsass*" OR Processes.process="*sekurlsa*"
        OR Processes.process="*MiniDump*" OR Processes.process="*comsvcs.dll*MiniDump*"
        OR Processes.process="*procdump*lsass*")
       OR (Processes.process_name="rundll32.exe" AND Processes.process="*comsvcs*MiniDump*")
    by Processes.dest, Processes.user, Processes.process_name, Processes.process, Processes.parent_process_name
| `drop_dm_object_name(Processes)`
```

**Defender KQL:**
```kql
DeviceEvents
| where Timestamp > ago(7d)
| where AccountName !endswith "$"
| where ActionType == "OpenProcessApiCall"
| where FileName =~ "lsass.exe"
| where InitiatingProcessFileName !in~ ("MsSense.exe","MsMpEng.exe","csrss.exe",
                                          "svchost.exe","wininit.exe","services.exe",
                                          "lsm.exe","SearchProtocolHost.exe")
| project Timestamp, DeviceName, ActionType, FileName,
          InitiatingProcessFileName, InitiatingProcessCommandLine,
          InitiatingProcessFolderPath, AccountName
| order by Timestamp desc
```

### Remote service execution — PsExec / SMB lateral movement

`UC_LATERAL_PSEXEC` · phase: **actions** · confidence: **High**

**Splunk SPL (CIM):**
```spl
| tstats `summariesonly` count min(_time) as firstTime max(_time) as lastTime
    from datamodel=Endpoint.Processes
    where Processes.process_name IN ("psexec.exe","psexesvc.exe","paexec.exe","smbexec.py")
       OR (Processes.process_name="wmic.exe" AND Processes.process="*/node:*")
    by Processes.dest, Processes.user, Processes.process_name, Processes.process, Processes.parent_process_name
| `drop_dm_object_name(Processes)`
```

**Defender KQL:**
```kql
DeviceProcessEvents
| where Timestamp > ago(7d)
| where AccountName !endswith "$"
| where FileName in~ ("psexec.exe","psexesvc.exe","paexec.exe","smbexec.py")
   or (FileName =~ "wmic.exe" and ProcessCommandLine has "/node:")
| project Timestamp, DeviceName, AccountName, FileName, ProcessCommandLine, InitiatingProcessFileName
| order by Timestamp desc
```


## Why this matters

Severity classified as **HIGH** based on: 3 use case(s) fired, 5 technique(s) inferred. Read the full article for actor attribution, tooling details, and any defanged IOCs in the body that aren't visible in the RSS summary.