We are in the midst of a remarkable digital revolution that is making access to information and resources easier than ever before. While this has created great opportunities for individuals and businesses, it has also brought with it some new dangers and risks. One of the most concerning threats is the increasing contact people have with illegal markets through Deep Web and the Dark web.
The Dark Web is a subset of the Deep Web and is characterized by its anonymity and the use of encryption to protect users’ privacy. The Dark Web has become an increasingly popular platform for criminal activity, with its anonymous nature providing a safe haven for participants. One of the most concerning activities is the emergence of “Ransomware as a Service” (RaaS), which has become an attractive option for cybercriminals to make money.
What is Ransomware as a Service (RaaS)?
Ransomware as a Service (RaaS) is a business model that involves a partnership between ransomware operators and affiliates. Affiliates are charged a fee to use the ransomware created by operators to launch attacks. This model is similar to a Software as a Service (SaaS) business model, albeit with malicious intentions.
This type of business model has become increasingly popular as it allows ransomware affiliates to monetize their operations without having to invest in the development of ransomware software. RaaS allows affiliates to remain anonymous, which makes it even more attractive to them.
RaaS poses a significant threat to enterprises, as their data can be held hostage and their operations disrupted until they agree to pay the ransom. For this reason, it’s important to understand the inner workings of RaaS and identify the key players in this chain of attacks. Later in this article, we’ll look at what steps can be taken to protect your organization from Ransomware. So, buckle up and get ready to dive into the world of ransomware as a service!
Ransomware-as-a-Service Transforms Gangs Into Businesses
Ransomware-as-a-Service is transforming criminal gangs into well-organized businesses with sophisticated operations and support structures.
In the past, cybercriminals had to be tech-savvy to launch ransomware attacks. However, with the rise of RaaS, anyone with a bit of money and a criminal mindset can launch a malicious ransomware campaign. RaaS is essentially a subscription-based model where cybercriminals can rent out ransomware and exploit kits from developers and launch their own campaigns. Furthermore, the developers of these malicious tools provide technical support to their clients, allowing even the least technical hackers to launch successful attacks.
The success of these groups is largely attributed to their business-like approach and utilization of an agile development framework to create malware. This process involves testing their products on victims in order to obtain real-world data and feedback, which they can use to refine their programs to make them more effective
The combination of these tactics allows them to develop and deploy malicious software more efficiently and effectively. Furthermore, the cycle of testing, debugging, and retesting ensures the malware is of high quality. This allows them to maximize the effectiveness of their ransomware and ensure that their customers receive the highest quality product, thus contributing to their success.
The largest ransomware gangs have made millions
Over the years, there have been a few syndicates that have been mentioned more frequently than others in the context of ransomware. These groups are highly organized and professional in their setup and execution, running like a well-oiled machine. Often, when one ransomware gang vanishes, reorganizes, rebrands, and reappears, they are still well-known by those in the security community, demonstrating the longevity and sophistication of their operations.
To better understand the threat, let’s take a look at some of the largest RaaS ransomware gangs that have been known to have strong networks of affiliates.
Hive
The Hive Ransomware Gang is a prolific and highly sophisticated cybercrime organization that has caused significant disruption in the digital landscape. They are believed to be a well-resourced and highly organized group of hackers, who specialize in deploying ransomware to target a variety of organizations, from small businesses to large enterprises.
The Hive ransomware gang has been operating for the past year and a half, wreaking havoc on more than 1,300 businesses and organizations, according to US government agencies. In that time, the gang has managed to collect more than $100 million in ransom payments.
The group has been tied to numerous ransomware campaigns, in each of these, the gang has demonstrated a high level of technical proficiency, as well as a willingness to use social engineering tactics to extort victims.
REvil
REvil is a malicious ransomware malware that was recognized in 2019 as the culprit behind one of the most massive ransom demands on record, with a demand of $10 million. The ransomware is offered by PINCHY SPIDER, a criminal group that operates under an affiliate model, and typically takes 40% of the profits.
In July 2021, a group of affiliates associated with the ransomware group REvil exploited zero-day vulnerabilities in a systems management and monitoring tool developed by a company called Kaseya. This enabled them to successfully compromise an estimated 30 managed service providers (MSPs) from a variety of countries and over 1,000 business networks managed by those MSPs. The incident garnererd widespread media attention and even resulted in a discussion between US President Joe Biden and Russia’s President Vladimir Putin on the topic of ransomware.
An interview conducted by a Russian blogger with an alleged representative of the notorious REvil ransomware group appears to confirm the astounding claim that the group has made over $100 million from its malicious ransomware attacks.
Dharma
This particular malware strain seems to have originated from Russia and has been reported to have been in circulation since at least November 2016 with an increased amount of activity since 2018. Dharma ransomware is believed to be part of a larger family of ransomware of which Crysis first appeared in February 2016 and is believed to be the oldest variant in the group.
Dharma is particularly well known to target small businesses on a wide scale. According to statistics, the average ransom price demanded by Dharma is roughly $6500, though it can range from hundreds to thousands of dollars depending on the size of the business and the amount of data that is encrypted.
LockBit
LockBit, first identified in September 2019, has been linked to a string of cyber-attacks across the globe, with organizations in the United States, China, India, Indonesia, and Ukraine among its notable victims. The virus, which is known by the file extension “.abcd”, locks the victim’s files, rendering them inaccessible and demanding a ransom payment in exchange for their return.
Atento, a Brazilian CRM software company suffered a massive impact of $42.1 million due to the LockBit ransomware attack in 2021, resulting in a revenue loss of $34.8 million and an additional $7.3 million in costs related to mitigating the impact of the incident.
Preventing RaaS Attacks
Recovering from a ransomware attack is an arduous and expensive endeavor, making prevention the best course of action. It is equally important to take proactive steps to secure networks, devices, and data to reduce the chances of a successful attack.
Let’s discuss various tactics and strategies that organizations can use to prevent RaaS attacks and protect their networks, data, and devices.
Implement reliable modern endpoint protection:
Endpoint protection is a critical component of any secure IT infrastructure as they provide an extra layer of security, scanning for suspicious activity and any malicious files that may be on a user’s machine. Additionally, they are invaluable in detecting the presence of Ransmware, which can be difficult to detect due to its polymorphic nature.
By continuously monitoring the network, endpoint solutions can detect and alert administrators of any suspicious behaviors, allowing them to take action before an attack can be launched. Furthermore, endpoint solutions have the capability to detect communication between the host and the command and control (C&C) server, as well as any lateral movement attempts, both of which are common tactics used by Ransomware attackers. With modern endpoint protection in place, organizations can be confident that their networks are secure and protected from RaaS attacks.
Perform regular and frequent backups
Taking the time to ensure that an effective backup strategy is in place is essential to protect data and minimize the impact of a ransomware attack. Scheduling regular backups a few times a week can ensure that any data or work product that has been modified since the last backup is saved.
The importance of this cannot be overstated – if a backup is only performed every weekend, an organization could lose up to an entire week of work product, representing a significant financial and productivity loss. Backups should be tested to ensure that they can be retrieved in the event of a RaaS attack.
Administrators should also ensure that the backup system is properly configured and updated with the latest software and security patches. Additionally, administrators should assign a dedicated team to monitor the backups and ensure that the backups are stored in secure, different offsite locations that are not connected to the original system. This way, even if one backup is compromised, the other backups remain secure.
Maintain a rigorous patch program
Although the current IT patch release cycle is 14 days, it does not take much time for a vulnerability to become known. This highlights the importance of having a rigorous security patching program in place. If vulnerabilities are not patched, the consequences can be extremely costly.
Security patching programs should not only be designed to follow the current patch release cycle but also account for unexpected vulnerabilities that arise and have a plan in place for patching emergency vulnerabilities as soon as they are discovered. This should include both major and minor patches, as well as any third-party software that could be vulnerable. Perform regular scans to detect any vulnerabilities, prompt patching of any newly discovered vulnerabilities, and regular reviews to ensure the patch program is running effectively.
Segment the network to hinder proliferation across the environment
Network segmentation is one of the most effective security strategies that can be deployed to impede the spread of ransomware across an environment. By dividing the network into discrete segments, organizations are better able to contain any malicious code, restricting it to a certain set of systems and networks before it has the chance to spread.
Segmentation can also be used to control access, as it can limit the number of users and systems that have access to sensitive data. Furthermore, by segmenting the network, organizations can reduce the risk of a single point of failure, as the attacker is unable to penetrate the entire network in one go.
In order to properly segment the network, administrators should thoroughly assess the environment and determine which areas need to be isolated from the rest of the network. This could include areas such as business-critical systems and applications, employee workstations, servers, and cloud services, as well as any data that is sensitive or confidential in nature. Additionally, administrators should consider the security risks associated with different areas of the network and pinpoint any vulnerabilities that could be exploited.
Protect your users from phishing attacks
Traditional ransomware attacks relied heavily on known vulnerabilities to gain access to systems. However, as organizations have become more aware of how to protect their systems and patched vulnerabilities, these attacks have become much less successful. This has pushed cybercriminals to shift their tactics and combine phishing and ransomware into a more sophisticated attack vector.
This combination has proven to be a successful way for hackers to infiltrate organizations, as unsuspecting victims are often fooled by the emails they receive from what they believe to be trusted sources. Organizations must take measures to protect themselves from this type of attack by implementing an advanced anti-phishing software to detect and block malicious emails, and training their employees to be aware of potential threats.
Conclusion
In conclusion, the ransomware-as-a-service market has become highly specialized and sophisticated. With new tools and capabilities being developed and deployed, the ransomware-as-a-service market is likely to continue to be a threat for years to come.
To protect against these threats, organizations should stay informed of the latest security threats, regularly train their staff on security best practices, and have multiple layers of defense in place. While there is no silver-bullet solution, companies can significantly reduce the risk of ransomware attacks by taking proactive measures.
