Ransomware-as-a-Service (RaaS): A Threatening Business Model Behind The Global Ransomware Outbreak

Ransomware is a serious threat to businesses, and it is getting worse. While individuals were struggling to deal with ransomware attacks, fraudsters went one step further and started offering ransomware-as-a-service (RaaS). Via this business model, Cybercriminals offer a malicious kit that may be used to conduct ransomware attack services at little or no price.

Ransomware attacks surged by 25% between Q4 2019 and Q1 2020, according to a report by the Beazley Group. The average ransom payment in terms of money has also risen dramatically. Further, according to a Coveware analysis from April 2020, the average ransom payment in the first quarter of 2020 was $111,605, increasing more than 33% from the previous quarter. Ransomware attacks increased by 40% to 199.7 million incidents in the third quarter of 2020.