These instances have one thing in common: they were all caused by ransomware-as-a-service (RaaS) operations.
The emergence of RaaS signifies a significant advancement in the field of cybercrime, with global corporations and public infrastructure bearing the consequences.
Here, we will discuss what RaaS is, how it operates and why it poses such dangers.
The Origin Of RaaS
RaaS initially came to light in 2009, following the invention of cryptocurrency. In the first place, cryptocurrency made it simpler for hackers to demand ransoms in an anonymous manner, which contributed to the spread of ransomware. Second, it allowed hackers to transact with one another for software and services without having to reveal who they were or run the danger of having their accounts frozen by banks.
Reveton became the first ransomware gang to adopt the RaaS model. The group created malware that, after infecting a victim’s computer, claimed the victim had committed an online federal felony. Then, if the victim didn’t pay the ransom, it threatened to put them in jail. Later, for a price, this software was made available to hackers with lower technical pr
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