Ransomware-as-a-Service – A Booming Industry

One of the main reasons that ransomware has exploded in recent years is the rise of Ransomware as a Service (RaaS). Now, the bad guys do not have to have the expertise to develop the ransomware software and launch the attack themselves. They can enlist the services of large organizations who have the tools and savvy to carry out the attacks for them. Those using RaaS may pay a monthly fee like for any other subscription-based service, and the RaaS provider may even get a cut of the profits. This easy access via these nefarious services leads to an unprecedented number of attacks on businesses across the world.

In addition to system protection methods such as data backup, antivirus, patching programs, firewalls, and etc., it is crucial for the end user to stay educated. The NetAscendant blog is a great place to educate yourself on the proper cybersecurity habits required to stay safe.

In closing, check out the following mind-blowing stats about the big business of ransomware: 

• Total ransomware revenues were $20 billion in 2020 … up a whopping $11.5 billion from 2019.

• Ransomware is part of 10% of all breaches and it doubled in frequency in 2021.

• Approximately 37% of global organizations said they were the victim of some form of ransomware attack in 2021.

• Since 2020, there have been more than 130 different ransomware strains detected.

• One cybersecurity vendor estimated that the average ransomware payment was $170,000 and another estimated it at $570,000.

• An IT decision makers survey found that the highest ransomware payment in 2020 was $3.2 million.