Emerging Ransomware Threats in Latin America: Advanced Malware Analysis

Introduction

As of March 2026, Latin America is experiencing a significant escalation in cyber threats, particularly from ransomware groups employing advanced malware techniques. This briefing provides an in-depth analysis of emerging ransomware families, reverse engineering findings, and the evolving tactics of cybercriminals in the region.

Surge in Ransomware Activity

In December 2025, organizations in Latin America faced an average of 3,065 cyberattacks per week, marking a 26% increase from the previous year. Ransomware attacks have been a primary contributor to this surge, with groups like Qilin leading the activity. Qilin, a ransomware-as-a-service (RaaS) operation active since 2022, has significantly expanded its affiliate network and victim disclosures since early 2025. (blog.checkpoint.com)

Novel Ransomware Families and Evasion Techniques

Recent analyses have identified several novel ransomware families employing sophisticated evasion techniques:

• Qilin: Utilizing advanced Rust-based encryptors, Qilin targets Windows, Linux, and ESXi environments, focusing on business services and industrial manufacturing sectors. (blog.checkpoint.com)

• BQT.Lock: Emerging in mid-2025, BQT.Lock operates as a RaaS platform, blending financial extortion with ideological motives linked to Hezbollah and Iranian state-sponsored cyber activities. The group employs hybrid AES-256/RSA-4096 encryption and utilizes process hollowing via File Explorer. (en.wikipedia.org)

Reverse Engineering Findings

Reverse engineering of these ransomware variants has revealed:

• Qilin: The use of Rust-based encryptors enhances performance and evasion capabilities, making detection and analysis more challenging.

• BQT.Lock: The hybrid encryption method and process hollowing techniques are designed to bypass traditional security measures, indicating a high level of sophistication.

Polymorphic Ransomware and Rootkits

The integration of polymorphic ransomware and rootkits is a growing concern:

• Polymorphic Ransomware: Variants like Qilin continuously change their code structure, evading signature-based detection systems.

• Rootkits: Some ransomware groups deploy rootkits to maintain persistent access, manipulate system processes, and disable security tools, complicating remediation efforts.

Fileless Malware and C2 Infrastructure Analysis

The adoption of fileless malware and sophisticated command-and-control (C2) infrastructures is on the rise:

• Fileless Malware: By residing in memory and avoiding traditional file systems, fileless malware reduces the likelihood of detection by conventional security solutions.

• C2 Infrastructure: Advanced C2 mechanisms, including the use of encrypted communication channels and decentralized networks, enhance the resilience and anonymity of ransomware operations.

Regional Impact and Sectoral Targeting

Brazil has emerged as a primary target, accounting for 46.94% of ransomware attacks in the region. Critical sectors such as government entities, telecommunications, and finance are particularly vulnerable. (socradar.io)

Conclusion

The ransomware threat landscape in Latin America is evolving rapidly, with cybercriminals deploying increasingly sophisticated malware families and tactics. Organizations must enhance their cybersecurity posture by adopting advanced detection mechanisms, conducting regular system audits, and fostering a culture of security awareness to mitigate these advanced threats.

Highlights:

• Colombian police capture 121 members of criminal groups charged with extortion and kidnappings, Published on Tuesday, March 03