Picture waking up one morning to a horrifying reality-all your business data encrypted, with a ransom note demanding payment in cryptocurrency. This nightmare scenario could become your reality due to the rise of Ransomware as a Service (RaaS). In this blog post, you’ll delve into how RaaS operates, transforming even non-technical criminals into cyber attackers. You’ll understand how these platforms offer ransomware tools and infrastructure, simplifying the launching of attacks. Most importantly, you’ll discover practical steps to safeguard your business, ensuring you’re not the next victim of this escalating cyber threat.
Ransomware as a Service is a variation of Software as a service (SaaS) cybercrime business model where cybercriminals lease ransomware tools or RaaS kits to other attackers. Think of it as a subscription service, but for illegal activities. This model democratizes cybercrime, enabling even those without technical expertise to launch sophisticated a ransomware attack. By paying a fee, anyone can access and deploy ransomware, targeting businesses of all sizes. This has led to a surge in ransomware attacks, as the barrier to entry is significantly lowered. As a business owner, it’s not just crucial, but empowering, to understand and mitigate this growing threat.
Refer to our full guide to know what Ransomware is: What is meant by Ransomware
No, RaaS is completely illegal!
It makes it easier for the RaaS Operators and Threat actors to steal sensitive data using social engineering.
RaaS affiliates, partnering with RaaS providers, launch RaaS attacks in criminal markets that involve ransom demand or a one-time fee, Which poses challenges to security operations.
It was around the year 2015, that it started getting some traction and reaching a broader audience, Where it got so sophisticated that even non-technical criminals could access it, increasing the attack surface.
As a business owner, it’s crucial to grasp how RaaS functions to protect your enterprise better. Let’s break down the core components of Ransomware as a Service and how they contribute to this growing cyber threat.
RaaS platforms are readily accessible on the dark web, a digital underworld where attackers can easily sign up and pay for their services. This accessibility means that virtually anyone with malicious intent, even those in close proximity to your business, can launch ransomware attacks, significantly expanding the threat landscape for enterprises like yours.
These platforms boast user-friendly interfaces, making the deployment of ransomware a breeze. Even if you lack technical skills, these platforms streamline the process of executing an attack, thereby exposing your business to risk from even the most inexperienced cyber criminals.
Service providers take a percentage of the ransom payments, ensuring they continuously profit from their malicious software. This profit-sharing model incentivizes providers to improve and expand their services, perpetuating the cycle of ransomware attacks that threaten your business operations.
Payments in RaaS transactions are typically made in cryptocurrencies, adding a layer of anonymity. This anonymity makes it difficult to trace the attackers, complicating efforts to protect your business and recover encrypted data after an attack.
By understanding these mechanisms, you can better anticipate and mitigate the risks posed by RaaS to your business.
Below are the four common revenue models:-
Firstly identified in Aug 2020, Renowned for its double extortion model.
It made Colonial Pipeline its target in May 2021 causing significant Fuel disruptions in the U.S.
Emerged in June 2021, which affected hospitals and healthcare systems sending a panic wave in the healthcare industry.
Renowned for high-profile attacks & has been active since 2019.
JBS Foods’ breach in May 2021, was one of its notable examples affecting the meat supply chain globally.
Was first seen in 2016 where it targeted multiple sectors using phishing emails.
It brought major disruptions in business in 2020 asking for ransoms in bitcoin.
Having self-propagation capabilities, this variant was identified in 2019.
It affected numerous organizations but their primary target was Accellion in early 2021.
This variant became known around 2020 & has a lower severity compared to other notorious strains.
Its primary focus is on accessibility for less experienced operators launching various smaller-scale attacks.
Was first identified in Aug 2018 and is related to significant attacks, “Universal Health Services incident” being amongst them in September 2020, that impacted hospitals nationwide.
Emerged in April 2022, it has the lethal combination of the techniques used by the previous groups targeting organizations like the Brazilian company, Tivit, during its operations.
Was first spotted in 2019 & is known to exploit vulnerabilities.
It is known to have a link to the Accellion data breach, where it impacted the data of multiple organizations.
Identified around 2021, known to make business in various sectors their primary target generally through social engineering tactics.
Also known as ALPHV, it made its appearance in late 2021.
Its highly customizable nature made it easier for them to target several corporations, which recently included a large U.S. logistics firm.
Has been active since late 2019 & is known to target large enterprises, University of California, San Francisco being amongst them in June 2020.
First identified in May 2019 & pioneered in bringing operational disruptions by targeting companies like Garmin in July 2020.
Was recognized in early 2020 & just like Eldorado, it targeted businesses in multiple sectors using social engineering tactics to gain access.
Attacks are expected to grow even in 2025 & the chief reason behind it is the sophistication of cybercriminal operations, their lucrativeness, and the ever-growing threat landscape.
As more & more organizations digitalize, their systems will be more susceptible to vulnerabilities, providing RaaS providers with a chance to exploit them.
Even less technically skilled cybercriminals will be able to access the RaaS platforms easily, driving its further growth.
Key Statistics:
Market growth – The global Ransomware market was valued at approximately $20 billion in 2021, expected to rise and reach over $30 billion by 2025.
Attack Frequency – Compared to 2020, there was a 150% increase in Ransomware attacks in 2023, with the chances of further escalation.
Ransom Payments – The average ransom payment in 2023 was $ $250,000, which is on a higher side compared to previous years.
Targets – 70% of the ransomware attackers are now targeting SMEs (Small and medium-sized enterprises), showcasing the increase in attack surface.
RaaS Proliferation – 50 different RaaS groups were active in 2023, with the industries seeing new entrants every-year.
Ensure you back up all critical data regularly and store it securely offline. This practice guarantees that you can restore your systems quickly without paying a ransom if an attack occurs.
Educate your team on recognizing phishing emails and suspicious links. Awareness is your first line of defense, as human error is often the entry point for ransomware.
Keep all your security software up to date. Periodic and timely updates help protect against the latest threats, ensuring your defenses are as strong as possible.
Divide your network into smaller, isolated segments. This approach limits the spread of ransomware, preventing it from compromising your entire system if an attack happens.
Make sure to develop and maintain a robust incident response (IR) plan. Being prepared with a clear plan enables a quick and effective response, minimizing the damage and downtime caused by ransomware attacks.
Apart from the above, you can invest in Threat intelligence, Attack surface management, Endpoint Detection and response tools.
By proactively implementing these measures, you can significantly reduce your vulnerability to RaaS and protect your enterprise from the devastating impact of ransomware attacks.
Refer our Full Guide: How to combat Ransomware
The threat of RaaS is escalating, but you can protect your business by staying proactive. Remain informed and vigilant, and prioritize cybersecurity to safeguard your data and operations.
Don’t wait until it’s too late. Review your cybersecurity measures today to defend against RaaS. For more insights, visit Sattrix Information Security.
Protect your business now because, with ransomware, prevention is always better than cure.
