Ransomware as a Service, or RaaS, is a type of cybercrime that has become increasingly popular in recent years. RaaS is a business model in which a criminal group rents out their ransomware to other cybercriminals, who then use it to target victims. In this article, we will explore what RaaS is, how it works, and how to protect against it.
What is Ransomware?
Before diving into RaaS, it is important to first understand what ransomware is. Ransomware is a type of malware that encrypts a victim’s files and demands payment, usually in the form of cryptocurrency, in exchange for the decryption key. Ransomware attacks can be devastating to individuals and businesses alike, as they can result in the loss of important data and significant financial damages.
How Does RaaS Work?
Ransomware as a Service works by allowing cybercriminals to rent out pre-existing ransomware strains, along with technical support and infrastructure. This makes it easier for even inexperienced hackers to launch ransomware attacks. The developers of the ransomware take a cut of the profits made by the attackers, incentivising them to create and improve their malware.
The Frequency of RaaS Attacks
Ransomware attacks, including those utilising RaaS, have been increasing in frequency in recent years. It’s estimated that, by 2031, a ransomware attack will occur every 2 seconds.
Overall, Ransomware accounted for around 20% of cyber breaches in 2022, with the most common entry point for attacks being through phishing (41%). This alarming trend shows that RaaS is becoming an increasingly popular tool for cybercriminals.
The Average Cost of a RaaS Attack
The cost of a RaaS attack can vary widely depending on the size and nature of the target. However, in general, the cost of a RaaS attack is much lower than that of a traditional, custom-built ransomware attack. In some cases, RaaS attacks can be as low as a few hundred pounds or dollars, making it an attractive option for even low-level cybercriminals.
It is important to stress however that the cost of ransomware to a business extends beyond the payment of any ransom. 20% of ransomware costs are said to be attributed to brand reputational damage, which can often prove much more expensive than the ransom demand itself.
For context, in 2021, the US healthcare industry incurred an estimated cost of $7.8 billion in downtime alone due to ransomware attacks. This resulted in the compromise of over 19.7 million patient records across 108 individual attacks throughout the year.
How to Mitigate Against a RaaS Attack/Best Practices
The best way to mitigate against a RaaS attack is to take preventative measures to ensure that the ransomware cannot infect your systems in the first place. This includes:
- Keeping your systems up-to-date with the latest security patches and software updates.
- Implementing multi-factor authentication to prevent unauthorised access.
- Backing up your data regularly and keep a copy offsite.
- Training employees on how to recognise and avoid phishing emails and other social engineering attacks.
- Using anti-malware software to detect and prevent ransomware infections.
In the event of a RaaS attack, it is important to have a plan in place for how to respond. This includes:
- Isolating infected machines to prevent the ransomware from spreading.
- Contacting police/law enforcement and cyber security experts/companies for assistance.
- Do not pay the ransom, as this only incentivises further attacks and there is no guarantee that the decryption key will be provided.
- Restoring your data from backups.
Conclusion
Ransomware as a Service is a growing threat to individuals and businesses alike. By understanding what it is and how it works, along with implementing best practices to prevent and respond to attacks, you can better protect yourself from this deceptive form of cybercrime.
The LoughTec SOC is responsible for detecting, analysing and responding to security incidents in real-time delivered through software, technology and (human) security analysts. In addition to 24/7 monitoring and management, the SOC helps organisations maintain security policies and procedures, deliver training and provide regular reports on our customers’ security posture.
Talk to Cyber Security Company LoughTec today on how we can protect you from Ransomware as a Service with 24/7/365 real-time response. Book a demo by calling +44 (0) 2882 252 445 or emailing info@loughtec.com.
