The Ransomware Economy: What You Need To Know

We know it. We hate it. It doesn’t care. Ransomware has evolved from small-time groups of cybercriminals to organized crime syndicates that operate like legitimate businesses. Think of the cockroach that escaped your shoe and then one day discovering holding a business meeting in your closet regarding colonial expansion. Ransomware is uniquely annoying.

However, these destructive virtual tools are no laughing matter. In 2020, cybercriminals pulled in over $406 million dollars in ransoms, scams, and other devious crimes. Become familiar with the aspects of this evolving ecosystem of criminals; this will help you develop strategies against potential ransomware threats and attacks. Let’s get started.

Ransomware Syndicates Currently in Operation

Much has changed since the early days of the internet and the efforts of hackers attempting to steal vital information and/or currency. Ransomware has evolved into an economy in which cybercriminals operate much more like businesses rather than a rag-tag group of criminals. Nowadays, cybercriminals operate through a complex business model in which operators sell tech to affiliates for profits that result from ransoms. 

The operators of these syndicates now hold customer service and user experience above all else, because they aim to profit more from it than doing the leg work themselves. Now, operators are as concerned with these facets of customer experience as legitimate business owners. Some of the most notorious ransomware brands in operation today consist of over 100 different ransomware variants. New contributors to the effects of ransomware enter the playing field each day. 

Unfortunately, lists made by law enforcement services, including the FBI, that reveal ransomware brands are often obsolete as soon as they are produced. Ransomware brands change and transition into new brands with similar or even newer tech each day. These brands reorganize every time they suspect a threat regarding their identity. How can this be?

The Evolution of Ransomware into an Emerging Service

Cybercrime syndicates realized that they could actually license and sell their tech to affiliates who use the software to carry out their own misdeeds while providing cuts to the operator(s). These operators advertise their partner programs on the dark web and always vet their affiliates. This vetting process helps them weed out even the most committed and experienced undercover agents attempting to cease their activities. 

These syndicates, which operate as a service, allow even the most amateur cyber criminals to commit crimes. Amateurs often select small businesses as targets because they don’t have the resources to implement adequate security measures. This makes small businesses very easy targets. Don’t worry! By staying on top of antivirus safeguards and detection, even small businesses may multiply their chances of recognizing attacks before it’s too late. 

Protecting Your Business Against Ransomware

A large part of the ransomware ecosystem includes service providers who operate on the side of the victim of the attack(s). One should take caution when approached by ransomware brokers, certain insurance providers, and legal counsel. These entities often only have their own best interests in mind. Be sure to vet a victim-side provider before considering their services.

Familiarizing yourself with the origins of ransomware attacks may help you in the event of a potential ransomware threat. Knowing that there is a broad ransomware economy, ranging from operators to negotiating agents, will help you sniff out potential threats. Always report suspicious activity and consider implementing security measures that will protect against ransomware. Is your business prepared?