Ransomware is one of the most prevalent forms of cyberattacks that prevents a user or an organization from accessing their files and data by locking their devices and systems. The attackers encrypt the files and systems and demand ransom in exchange for the decryption key that will help the users to unlock their devices again and access their files.

According to Statista, around 59% of organizations worldwide became victims of ransomware attacks in 2024. Attackers employ advanced tactics, including backdoor entry or social engineering to inject this malware into the target system. And now, Ransomware-as-a-Service (RaaS) makes it even worse for organizations by empowering even non-technical cybercriminals to carry out RaaS attacks efficiently without much effort.

What is RaaS?

Just like any other traditional Software-as-a-Service, RaaS is also available publicly or on the dark web allowing anyone and everyone who wants to carry out a ransomware attack without the hassle and expertise required for writing malicious codes.

It is a kind of business model that offers ready-made tools and tutorials to entry-level cyber-criminals and the required infrastructure to carry out ransomware attacks. Ransomware creators make such malicious software available for all on a subscription or with a one-time license fee.

Components of RaaS

Ransom-as-a-Service consists of 4 important components:

• Ransomware code – it is the malicious software/code that cybercriminals use to encrypt a target’s data.
• Distribution tools – this contains various methods and tools on ransom-as-a-service platforms to spread the ransomware. It can be phishing kits, email attachments, exploit kits, etc.
• Payment processing – this is a well-established platform that handles ransom payments mostly in the form of cryptocurrency
• Support services – surprisingly, the ransom-as-a-service platforms also offer a great extent of support including tips and tutorials for beginners and novices to successfully perform the attack.

Impact of RaaS on Organizations

RaaS is an illegal service and has high negative implications for organizations. Here are a few ways in which they can impact the business operations, revenue, and reputation of the target organizations:

1. Compliance issues

   Organizations need to adhere to various security regulations and standards and a ransomware attack will indicate a weak security system. This can lead to hefty fines and other compliance issues.

2. Operational downtime

   With compromised and inaccessible devices, an organization’s network can become vulnerable and render the services inaccessible to customers. Frequent downtimes impact customer trust and the reputation of your business.

3. Loss of data

   A ransomware attack is the act of encrypting an organization’s systems and files. In most cases even after receiving the ransom amount, criminals may not provide the decryption keys which can lead to permanent loss of data. As per Veeam Insight’s 2024 Ransomware Trends Report, 29% of organizations were unable to recover their data even after making the ransom payments.

4. Frequent attacks

   Even after making the payments, attackers may demand more amounts.  In the long run, it will expose your organization’s weak security systems and cause distrust among stakeholders, customers, and insurers.

5. Revenue loss

   The easy availability of ransomware codes and phishing toolkits on the ransom-as-a-service platforms increases the frequency of attacks on customers asking for huge ransom amounts thus leading to huge financial losses.

How RaaS revenue model work?

There are 4 ways in which ransomware models work and they can use for ransom-as-a-service to earn money.

1. Monthly subscription: in this model, the users lease ransomware on a monthly subscription basis.
2. One-time license fee: here the RaaS model is available to criminals for a one-time fee to gain unlimited access to the service without paying any percentage share of successful ransomware attack to the creators.
3. Affiliate programs: this model works with a simple goal to increase profit by where the creators take a portion of ransom amount paid by the victims.
4. Profit sharing: after making the license purchase, the profit is split among users and creators as per predetermined percentage/shares.

Offering flexibility of payment, ransomware-as-a-service has become more accessible to everyone.

Top RaaS providers

There are several ransom-as-a-service providers and some of the most popular ones are:

• DarkSide
• Dharma
• DoppelPaymer
• LockBit
• Maze
• REvil

These are publicly available and offer excellent ransom-as-a-service platforms for new ransomware attackers.

Protection against RaaS

RaaS is expanding and cybersecurity professionals need to work harder to ensure there isn’t even the slightest weak point that can lead to the injection of ransomware in their systems.

Cybersecurity professionals must therefore follow these steps to protect their organization against RaaS attacks:

• Regularly backup their data and establish efficient recovery protocols in case they are under any kind of ransomware attack
• Regularly update their software with the latest security patches to eliminate vulnerabilities if any available.
• Increase awareness among employees regarding social engineering and phishing attacks.
• Make multi-factor authentication mandatory to minimize the risk of unauthorized access
• Implement an efficient endpoint detection and response (EDR) system in place for threat hunting and protection against ransomware

Following these basic steps and complying with security frameworks, organizations can efficiently counter the Ransom-as-a-Service attacks and minimize their losses.

Cybersecurity professionals must upgrade their cybersecurity skills with the latest cybersecurity certification programs to learn the latest tools, techniques, and strategies to protect their systems and networks from emerging and evolving cyber threats.

Conclusion

So, this is all about ransomware-as-a-service attacks. The creators of the RaaS platform are making advanced ransomware available for everyone to target their victim and earn lots of money, illegally. RaaS can have a serious impact on organizations as we discussed above. Therefore, they must take appropriate actions, enhance their security strategies, implement robust security systems, and educate employees to ensure they are protected against all kinds of ransomware and RaaS attacks.