Twin Cities North Chamber of Commerce issued the following announcement on March 18.
Some ransomware gangs let other cybercriminals use their programs for a share of the profit, a practice referred to as the Ransomware-as-a-Service (RaaS) business model. The infamous Colonial Pipeline ransomware attack in May 2021 was based on this model. Cybercriminals broke into Colonial Pipeline’s network and then infected it with an RaaS variant called Darkside, according to the US Federal Bureau of Investigation (FBI).
In 2021, the RaaS model became increasingly popular among ransomware gangs and cybercriminals alike — and that trend is expected to continue.
“In 2022 and beyond, the RaaS business model will continue to dominate the threat landscape for ransomware attacks, as this model permits experts in ransomware construction to continue to build and improve their product, while giving experts in ‘initial access’ break-ins the ability to focus on this task with increasing intensity,” according to Sophos threat analysts. “We’ve already seen these RaaS threat actors innovate new ways to break into progressively more well-defended networks, and we expect to see them continue to push in this direction in the year to come.”
Other threat analysts also foresee RaaS attacks continuing on an upward trend. “In 2022, the RaaS model will see continued growth, as it has proven to be an incredibly efficient vehicle for maximizing profits,” said Troy Gill, senior manager of threat intelligence with Zix.
Technology flickr photo by US Department of State shared with no copyright restrictions using Creative Commons Public Domain Mark (PDM)
Original source can be found here.
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