Ransomware is one of the most common forms of malware that we see today. Threat actors use ransomware to compromise sensitive data — whether it be on an individual scale or a much larger one, like an attack against an organization. These criminal operations block access to or steal important data, effectively holding it hostage until a ransom is paid for its safe return or unlocking.
What is RaaS?
Ransomware as a service, often abbreviated as RaaS, is an unethical "business" practice used by threat actors that makes malicious software accessible to anybody who wants it. Cybercriminals will then use that software to carry out a ransomware attack with the hope of getting paid. The term RaaS is a spin on software as a service or SaaS. SaaS is an incredibly popular business model across many industries today, wherein a customer pays a monthly subscription fee in order to access a piece of software.
Cybercriminals have adopted the same methodology to sell or rent out malicious programs to anyone interested in performing a data breach.
Over the past couple of years, RaaS has become a growing concern and is one of the most widely used strategies by cybercriminals to carry out these types of attacks. The big problem with RaaS is that absolutely anyone can gain access to these malware applications from a shady developer — also called operators. This is where the term "service" comes from. That means that the business of data breaching is no longer exclusive to individuals who know their way around some code. Instead, anyone can use this "service" to attempt a breach — and those who do are being labeled as affiliates.
Given the already-staggering number of data breaches that take place daily, monthly and yearly, RaaS is a large part of the reason that cybercrime is expected to get even worse over the coming years. A defense report from 2021 states that 86.2% of surveyed organizations were affected by a successful cyberattack that same year.
How does RaaS work?
RaaS has reached a point where it has become completely decentralized. Because of that decentralization, the "service" has grown exponentially and is now a large part of the underground ecosystem of services and software used by cybercriminals.
Operators gather software from peddlers who then sell or rent it out to affiliates that carry out attacks. Affiliates may be operating solo or as part of an organized group of threat actors. And sometimes, operators may even carry out an attack themselves.
What are the most common types of ransomware?
1. Crypto-ransomware. This type of ransomware gains access to data and encrypts its files so that it is no longer accessible or usable by its owners. The cybercriminal will then demand a ransom in exchange for an encryption key so the data can be unlocked again.
2. Locker-ransomware. Cybercriminals who use the locker strategy go beyond the data files and instead lock a user out of a device entirely. A ransom is then demanded to unlock the device.
What weaknesses does ransomware exploit?
There are lots of different attack vectors that cyber criminals take advantage of when using ransomware, but three stand out among the rest as the most common and successful. They are:
- Remote desktop protocol (RDP).
- Email phishing.
- Software vulnerabilities.
These common entry points have been a concern for organizations for a long while, but with the proliferation of ransom cybercrime and RaaS strategies, they have become an even greater concern.
What does RaaS mean for organizations?
RaaS has made malicious software and code easier to access than it's ever been before. Without the need for coding knowledge, just about anyone can carry out a sophisticated attack or breach against an organization. Unfortunately, that means that we'll start to see a significant rise in ransomware infection across a lot of industries. According to a 2021 report by Verizon, ransomware accounts for about 10% of all cybercrime, up a whopping 13% in just 12 months. That jump demonstrates a greater increase in ransomware incidents in 12 months than in the last five years combined.
Best practices for protection against ransomware
Approaches to risk management within organizations can and should be better across the board. Comprehensive solutions need to be developed and employees need to be trained on how to best prevent ransomware from infiltrating their network. Robust risk management strategies can help prevent, recognize and remediate risks associated with ransomware attacks.
A 2021 cyber industry report indicated that more than 84% of all cyber attacks were distributed via email that year. That means human error remains one of the largest factors in preventing an attack, which is why training is so important. Remember: Never click on suspicious links or respond to questionable senders. If you're unsure about the validity of an email, ask your supervisor or IT department for help.
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