Unmasking Ransomware Operations: Investigative Tactics and Intelligence-Driven Pursuit

• In Event: Mapping and Disrupting Ransomware: Structures, Spaces, and Investigation

Abstract

Ransomware has evolved from simple encryption-based extortion to sophisticated, multi-layered operations incorporating data exfiltration and external pressure tactics. Threat actors increasingly target both public and private sector organizations, leveraging automation and scalable infrastructure attacks to complete operations within 24 hours. This study examines investigative tactics used to track and disrupt ransomware groups, focusing on intelligence-driven approaches. Drawing from engagements by X-Force Threat Intelligence and Incident Response teams, this research highlights how ransomware groups operate as structured organizations with affiliate programs and support services. Using case studies and forensic analysis, this study details investigative methodologies, including blockchain monitoring, OSINT techniques to uncover ransom notes, DNS records, digital certificates, etc. Findings suggest that a proactive, intelligence-led approach enhances law enforcement and private sector efforts to attribute attacks, disrupt financial transactions, and mitigate ransomware impact. This research underscores the need for continuous adaptation of investigative strategies as ransomware operations become increasingly resilient and evasive.

Authors

• Thanassis Diogos, IBM X-Force Threat Intelligence

• Serkan Tasgin, IBM X-Force Incident Response Team