These instances have one thing in common: they were all caused by ransomware-as-a-service (RaaS) operations. 

The emergence of RaaS signifies a significant advancement in the field of cybercrime, with global corporations and public infrastructure bearing the consequences.

Here, we will discuss what RaaS is, how it operates and why it poses such dangers.

The Origin Of RaaS

RaaS initially came to light in 2009, following the invention of cryptocurrency. In the first place, cryptocurrency made it simpler for hackers to demand ransoms in an anonymous manner, which contributed to the spread of ransomware. Second, it allowed hackers to transact with one another for software and services without having to reveal who they were or run the danger of having their accounts frozen by banks.

Reveton became the first ransomware gang to adopt the RaaS model. The group created malware that, after infecting a victim's computer, claimed the victim had committed an online federal felony. Then, if the victim didn't pay the ransom, it threatened to put them in jail. Later, for a price, this software was made available to hackers with lower technical proficiency.

How Does RaaS Work?

The operation of RaaS is similar to software as a service (SaaS). To put it briefly, the program is created and maintained by a committed group of programmers, who then charge a fee to allow others to use it. Like any other SaaS business, the RaaS developers might even provide committed tech support and customer service.

This fee provided to the RaaS providers is a part of the ransom paid to the gang, indicating that the RaaS users are responsible for infiltrating the network, however, the ransom money goes to the RaaS provider.

The ransomware can evade detection and the most recent antivirus software by using updates like patches from the RaaS provider. This allows the malware to infiltrate a network, encrypt data, and take it.

What Does RaaS Mean For Business Security?

The emerging threat of ransomware attacks signifies that it is now important for organizations to garner an understanding of ransomwares and take measures accordingly. 

Certain areas require close attention:

• Ransomware preparedness: A good ransomware response plan could make a huge difference when it comes to tackling a ransomware incident. This can further reduce the damage done by the ransomware and speed up response time.

• Internal network security: It is also important to prevent hackers from moving within the accessed networks. Installing safeguards, according to the principle of least privilege (PoLP), is a good way to prevent hackers from accessing further in the networks. 

• Encrypting sensitive data: Attackers using ransomware depend more on extortion as backup processes improve. To prevent hackers from utilizing sensitive information against you, it is advisable to encrypt sensitive data such as bank records, proprietary data, and customer personal information.

Unfortunately, boosting levels of cybersecurity is now a part of the “new normal.” There is nothing more the companies can do. It is necessary to consider increased security as standard operating procedure.