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The worrying rise of ransomware as a service

A wry observation doing the rounds among cybersecurity experts is that the hackers who’ve transformed ransomware attacks into a multibillion-dollar industry are more professional than their high-profile corporate victims. 

It was certainly no laughing matter for the CEO of the Colonial Pipeline, one of the largest fuel-distribution networks in the US, when an attack in early May disabled the 5,500-mile system, triggering fuel shortages and panic-buying at filling stations. Within hours of the breach, Joseph Blount controversially paid a $4.4m (£3.1m) ransom to DarkSide, the Russian hacking group that mounted the attack, on the basis that it was “for the good of the country”. Despite this, the network was still out of action for a week.

The Colonial Pipeline case is one of many similar incidents, which have increased sharply in number since the pandemic started but have tended to go under the radar, as the victims are understandably reluctant to publicise their security failings. This high-profile example has exposed the rise of so-called ransomware as a service (RaaS), which DarkSide and various other professional hackers are now offering. 

The number of cybercrimes committed worldwide in 2020 was 69% higher than the previous year’s total. Ransomware was involved in 27% of these and a total of $1.4bn was demanded, according to a report published in May by US data security company Zscaler. In the UK, cybersecurity specialist Mimecast believes that as many as 60% of companies suffered a ransomware attack during the year. 

“Covid-19 has driven a huge ransomware surge,” reports Deepen Desai, Zscaler’s chief information security officer. “Our researchers witnessed a fivefold increase in such attacks starting in March 2020, when the World Health Organization declared the pandemic.”

Criminals seeking to exploit the network vulnerabilities created by the general shift to remote working during the Covid crisis either developed more sophisticated hacking methods or, seeking a shortcut, paid for RaaS. 

Continue reading: https://www.raconteur.net/technology/cybersecurity/the-worrying-rise-of-ransomware-as-a-service

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