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Rise of Ransomware as a Service – avoid the fall

In the business model world – ‘as a service’, there appears to be no end to the services coming into play.

Jenny Dikranian

Content Writer, My Business

AIaaS – Artificial Intelligence as a Service, CaaS – Cloud as a Service, IaaS – Infrastructure as a Service, SaaS – Software as a Service, are just a handful of services complete with acronyms in our vernacular. These are largely booming areas that streamline technology for a better user experience. However not all ‘as a service’ models are ethical. The one you should be aware of is RaaS – Ransomware as a Service.

What’s ransomware?

Firstly, it’s important to understand what exactly is ransomware. It occurs when cybercriminals successfully intercept your device with malware (malicious software) causing files to become locked and then demanding payment for the damage to be reversed. Paying the cybercriminals does not guarantee they will keep their word so it’s best not to make payment.

What’s Ransomware as a Service? How RaaS model works

Ransomware is evolving and it’s not a pretty a picture because it’s available as a service. In the same way a software developer may lease their product to customers – ransomware developers may lease ransomware.

In the RaaS business model, malicious software is supplied to customers to target businesses with ransomware. This form of cybercrime allows more people to use RaaS to extort victims with ransomware as people with limited technical skills can sign up to a service to launch ransomware attacks. Unfortunately, RaaS operators can be readily found on the dark web where they advertise their offering. RaaS revenue models can include monthly subscriptions, a one-time fee or affiliate programs.

RaaS providers benefit from this crime in several ways. The business model allows them to maximise their earning capacity with minimum risk. In providing their software to others to perform the ransomware, RaaS operators are effectively removing themselves from the cybercrime, however they still operate all the back-end requirements to drive the attack. They manage the ransomware code, the portal that their subscribers sign into and use for the cybercrime.

Sophisticated RaaS operators can even manage the ransom payments which are typically in cryptocurrency. They can also demand a share of the ransom collected from the campaigns making it more enticing for the attacks to be successful.

It’s reported the number of hacking groups is growing, which suggests there is increasing demand for their services.

Protect your business

Besides being costly, it’s not easy to recover from this form of cyber attack. So, what can you do to avoid being a target? Like most cybercrimes, prevention is the best medicine and with RaaS the steps to minimise being a victim are the same as those for ransomware. Think of it this way. RaaS is essentially the same as ransomware, only it’s been packaged up for the less tech savvy to cause malicious intent.

You should install anti-malware on all devices, patch regularly, upgrade devices and software, run daily backups and test they work, filter your email to stop malicious emails before they get to your employees, and where possible introduce Multi Factor Authentication.

You can apply the best security systems and processes that money can buy but what is an equally important investment is training your people. The human firewall is one of the best forms of prevention of any cybercrime activity. To achieve this, your employees need to have a good level of cyber security awareness and that’s where training can help deliver a holistic approach to your strategy.