Netwalker is a Ransomware-as-a-Service (RaaS) operation that emerged in August 2019, initially known as Mailto, and gained significant prominence by March 2020 following its shift to an affiliate-based model. Operated by a Russian-speaking cybercrime group known as Circus Spider, Netwalker's primary motivation was financial gain through large ransom payments. This group notably enforced a rule prohibiting attacks against organizations within Russia and the Commonwealth of Independent States. It distinguished itself by aggressively leveraging the COVID-19 pandemic, specifically targeting healthcare and educational institutions with themed phishing campaigns, and by implementing a highly profitable RaaS model where affiliates received up to 80-84% of ransom payouts. The group's core operations were largely disrupted in January 2021 following a coordinated international law enforcement action.

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