What are the dangers of ransomware as a service (RaaS)?

Ransomware assaults are on the rise, and the trend isn't slowing down any time soon.

Ransomware assaults grew by 40% worldwide in Q3 2020, to 199.7 million incidents. Attacks in the United States alone have climbed by 139 percent year over year, with 145.2 million incidents reported in Q3 2020. The significant transition from a linear assault methodology to an insidious multi-dimensional Ransomware as a Service model was the catalyst for the recent peak in ransomware attacks.

Continue reading to understand how this new ransomware model works and how your company may best defend itself. The significant increase in ransomware attacks can be attributed to two primary factors: The worldwide cloud structure is expanding at an exponential rate. REvil and the DarkSide franchise are two dark web groups. RaaS capabilities are available to attackers. RaaS, like SaaS, provides a flexible business model. They provide attackers the option of purchasing RaaS toolkits as monthly subscriptions, affiliate schemes, lifetime access fees, or profit-sharing arrangements. Competent hackers can organize very complex and targeted ransomware cyberattacks on many companies, including citizen services, healthcare, and food, with the ransomware code freely available. They're also going for supply networks, energy companies, and the transportation industry, which is concerning! Because these businesses have a certain amount of acceptable downtime, They are more inclined to pay a ransom to regain access to their files. Let's take a look at some startling statistics that demonstrate how dangerous RaaS may be.

What exactly is RaaS?

Ransomware as a Service arose from the lucrative nature of ransomware attacks. This type of malware has become far more profitable and easy to monetize for hackers than spyware or a virus.

If a hacker infects a machine with spyware, for example, they will have to spend time sifting through the stolen data. Then they put that information up for sale on the Dark Web. They don't be paid until the property is sold.

Ransomware assaults are so damaging that corporations frequently pay up in a matter of days. As a result, ransom demands have skyrocketed. A typical RaaS kit could comprise the following items: Encryption software Communication about ransom payments To carry out the attack effectively, you'll need tried and true strategies and procedures. Ransomware essentially encrypts and renders unavailable organizational files. Once the data have been taken over, the attackers demand a ransom in return for a decryption key that will allow the target organization to partially or totally recover its contents. It is usual for attackers to demand ransom several times before gradually releasing control of the victim's data. The ransom is often paid in cryptocurrency, and the payment is again handled by a middleman who diverts funds via numerous routes.

What Is the RaaS Model and How Does It Work?

To make the RaaS model work, you'll need professionally programmed malware created by experienced ransomware operators. To convince affiliates to join up and disseminate their virus, ransomware authors must have a good reputation.

RaaS developers are reputable design software that has a high possibility of penetration success and a low chance of being discovered.

After the ransomware has been created, it is converted to a multi-end user infrastructure. After that, the program is ready to be licensed to a number of affiliates. RaaS solutions follow the same revenue model as SaaS products: affiliates can join up for a one-time charge or a monthly subscription. Some RaaS systems don't need payment to join, and affiliates can join on a commission basis.

Onboarding instruction for ransomware affiliates includes a step-by-step guide for conducting ransomware assaults with the software. Some RaaS providers even offer a dashboard solution to assist affiliates in keeping track of the status of each ransomware infiltration attempt.

RaaS posts affiliate openings on dark web forums to attract affiliates. Due to their better possibilities of claiming prestigious victims, certain ransomware gangs, such as Circus Spider, exclusively recruit associates with specialized technical expertise.

Dangerous Implications of Ransomware as a Service

Downtime

Bugs, malfunctions, and downtime are the primary reasons for customer attrition, according to studies. RaaS attacks cause your business to go down, which impacts your clients' access to your services. They can't utilize your products or services anymore, and they've lost trust in your credibility and availability.

Customer Satisfaction

Customers recognize that sharing personal data with businesses is a necessary evil, with 84 percent saying they will switch brands if they don't trust a company's data handling and management procedures. When you become a victim of a RaaS attack, all of your data becomes the attacker's property.

Customers' faith and confidence in your security procedures erode, and you lose revenue as a result.

Compliance

Because most ransomware attacks target security flaws and weaknesses in your applications and website, an assault means your security system isn't up to par. Furthermore, you must pay hefty fines if you break numerous compliances that demand a specific level of security from the vendors that use them.

Data Loss

During and after a ransomware assault, you are quite likely to lose mission-critical and irreplaceable data. If you don't have another backup, your odds of never seeing your data again are quite high.

Payments for Ransomware

The ransom is always quite hefty, and the perpetrators may even demand payment in installments. Apart from coping with a potentially deadly financial hit, paying a ransom exposes your security flaws to all stakeholders.

Tips for Defending Your Business Against Ransomware

To avoid becoming a ransomware victim, you'll need a mix of readiness and excellent cybersecurity hygiene. The following are some of the most important elements to incorporate in your IT security strategy.

Patch and Update Management on an Ongoing Basis

Patching and updating all operating systems and software is an important best practice. Ransomware frequently infiltrates a network by exploiting a flaw in software or operating system code. Maintain an automatic patching and updating plan for your systems. Managed IT services are a wonderful method to do this.

For all accounts, use multi-factor authentication

Cloud accounts are just as vulnerable to ransomware as on-premises computers. Protecting your cloud accounts with multi-factor authentication is one of the greatest methods to prevent them from being hacked.

Back up all of your data and test your backups on a regular basis

A company's data is often backed up, but it is seldom checked. When a ransomware assault happens, people are unsure how quickly their data will be restored, so they make a hasty decision to pay the ransom in the hopes that it will be restored sooner.

Along with backing up all of your data, you should run through the data restoration process frequently to ensure that it is optimized and that your team is prepared to respond promptly in the event of a disaster.

This will eliminate the necessity for you to decide whether or not to pay the ransom.

User Phishing Awareness Training should be done on a regular basis

Phishing is still the most common way for malware to spread (including ransomware). You may greatly lower your chance of a breach by boosting your users' detection skills.

Conduct phishing training and simulated drills on a regular basis to improve their abilities.

Implement IT Security Best Practices

It's critical to build your cybersecurity strategy on a foundation of best practices.

This includes objects such as the ones listed below −

• Advanced anti-virus and anti-malware software.

• Filtering DNS.

• Filtering for spam and phishing emails.

• Zero-trust solutions for remote teams, such as application ring-fencing and safe-listing VPN.

• Network threat monitoring.