CIRCUS SPIDER is a financially motivated cybercrime group that operates the Netwalker Ransomware-as-a-Service (RaaS) operation, first emerging in August 2019. This group, also known by the aliases Netwalker, Mailto, Kazakavkovkiz, and KoKo, distinguishes itself through a strategic shift in its targeting model, moving from broad phishing campaigns to 'big game hunting' against large enterprises, healthcare facilities, educational institutions, and government entities beginning in April 2020. Their primary objective is substantial financial gain, which they achieve through a double extortion model involving data encryption and public data leakage threats. The group's operational approach includes recruiting skilled affiliates through dark web forums to execute widespread ransomware campaigns.

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