28 Aug RaaS Attacks: Economics and Mitigation Strategies
This week in cybersecurity from the editors at Cybercrime Magazine
Sausalito, Calif. – Aug. 28, 2024
Data security company Keepit explains that Ransomware-as-a-Service (RaaS), as the name suggests, is a model where cybercriminals develop and offer ransomware kits and services to other individuals or groups, allowing them to execute ransomware attacks with minimal technical expertise.
RaaS is a turnkey solution for anyone looking to extort money through malicious means. With this cybercrime business model, one party creates ransomware software and then a second party pays to use said ransomware software to launch attacks.
Criminals that were previously limited by their lack of specialized skills can now carry out sophisticated and successful ransomware attacks. Essentially, RaaS has democratized ransomware.
Cybersecurity Ventures predicts that the global damage costs from ransomware will reach $265 billion USD annually by 2031, highlighting in part the significant financial impact of RaaS.
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