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Ransomware is a type of malware that prevents or limits users from accessing their system, either by locking the system's screen or by locking the users. By encrypting these files and demanding a ransom payment for the decryption key, cybercriminals place organizations in a position where paying the ransom is the easiest and cheapest way to regain access to their files. Ransomware attacks can cause costly disruptions to operations and the loss of critical information and data. Ransomware as a service or RaaS is a business model that involves selling or renting ransomware to buyers, called affiliates. Phishing email scams are a popular attack vector for RaaS exploits.
Ransomware is one of the biggest cybersecurity problems on the internet and one of the biggest forms of cybercrime that organizations face today. The cybercriminal economy is a continuously evolving connected ecosystem of many players with different techniques, goals, and skillsets.
They are learning that there's less work and less risk involved by renting or selling their tools for a portion of the profits than performing the attacks themselves. RaaS is a low code, a software-as-a-service attack vector that allows criminals to purchase ransomware software on the dark web and conduct ransomware exploits without needing to know how to code.
Ransomware attacks have become even more impactful in recent years as more ransomware-as-a-service ecosystems have adopted the double extortion monetization strategy. RaaS has essentially lowered the bar for cybercriminals by making it as easy as possible for ordinary criminals to successfully carry out this type of cyberattack.
Cybercriminals pay a monthly or yearly subscription fee for access to ransomware, technical support, and malware updates. Recently, Cybercriminal groups have developed BlackCat Ransom ware to attack a US hotel, which was first identified by security researchers. The sheer number of ransomware attacks has increased exponentially due to this non-technical approach and has significantly changed the threat landscape.
