Page 33 - Banking Finance October 2023

ARTICLE

Introduction: ransomware developers act as service providers, offering
their malware to other individuals or groups in exchange for
In the evolving landscape of cybercrime, one phenomenon
that has gained significant attention and concern is a cut of the ransom payments.
Ransomware as a Service (RaaS). RaaS has revolutionized
the cybercriminal ecosystem, enabling even the most The Rise of Ransomware as a Service:
inexperienced individuals to unleash devastating Ransomware attacks are increasingly prevalent and
ransomware attacks. This article delves deeper into the sophisticated, resulting in substantial financial losses and
workings of RaaS, its impact on individuals and operational disruptions for victims. RaaS has played a pivotal
organizations, and the urgent need for proactive measures role in the proliferation of ransomware attacks by lowering
to counter this growing threat. the barrier to entry. In the past, only skilled cybercriminals
had the expertise to develop and distribute ransomware.
Ransomware as a Service (RaaS) is a cybercriminal business RaaS has now commoditized ransomware, making it readily
model in which threat actors or hackers develop and accessible to a wider range of criminals, even those with a
distribute ransomware to other malicious actors, who then lower skillset.
use the ransomware to carry out attacks. In this model, the
Some key aspects of Ransomware as a
About the author Service:
Availability: RaaS makes sophisticated ransomware readily
Sumit Roy
Senior Manager available to less technically skilled cybercriminals. This lowers
(Faculty IT & Digital Banking) the barrier to entry for carrying out ransomware attacks,
Union Bank of India, as aspiring attackers can simply acquire pre-developed
Union Learning Academy, Mumbai ransomware from RaaS providers.

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