The expansion of ransomware services and the establishment of Cybercrime-as-a-Service (CaaS) networks will increase significantly between now and 2026. Analysts believe that the rise of sophisticated criminal ecosystems, accessible monetization, and tools will increase the risk to businesses and governments worldwide. Cyberattacks are getting more advanced and are harder to mitigate.
The emergence of Cybercrime-as-a-Service
The ability to launch advanced cyberattacks without relying on high-level hacking skills is what CaaS is predicated on. CaaS offered low-skilled attackers the necessary tools and infrastructure to execute a cyberattack.
In its Cybersecurity Forecast 2026, Google Cloud notes that threat actors are beginning to adopt service-based models akin to legitimate businesses. These models, which are legally offered as Software as a Service to businesses, are now being offered as a ransomware subscription service.
This has been made possible by the proliferation of the underground economy. These underground marketplaces offer everything from credentials to attack vectors. The Networks are becoming increasingly sophisticated and organized as the ecosystems of cybercrime grow.
These services include customer support, satisfaction guarantees, and even affiliate programs.
Ransomware attacks are predicted to surge by 40%
Ransomware is one of the most disruptive forms of cybercrime, as it is extremely profitable and is predicted to increase to 40% by 2026, according to a recent warning from QBE. This increase in cybercrime and ransomware is due to the complex ransomware-as-a-service (RaaS) systems, where affiliates do not even have to develop the malware necessary to carry out the attacks.
They will, however, share the profit with the other devs to sustain the profitable ecosystem.
The loss of funds for a business is extremely significant, as there is more than just the ransom payment that must be accounted for. There will most certainly be time loss in business production, data recovery, and reputational losses as well.
Real-time data and operational continuity are highly valued in industries like health care, finance, and infrastructure. QBE points out that there must be more focus by organizations to defend against extreme operational data hostage strategies.
The Expansion of Ransomware as a Service (RaaS)
The growth of ransomware and the CaaS business model is influenced by the following:
- Building Accessibility: The Dark Web is a hub for malware and cyber attacks; therefore, it can be used by many to enter cybercrime
- Cryptocurrency: Digital currency used to pay for a ransom is untraceable, making transactions anonymous
- AI and Automation: Cybercriminals use AI for phishing and the exploitation of vulnerabilities.
- Geopolitical Instability: The line between cybercrime and cyber warfare is becoming indistinguishable
How can companies implement mitigation strategies?
- Zero trust architecture: Compartmentalizing access with stringent identity validation and access control measures
- Regular backups and encryption: Maintaining data resilience and the impacts of ransomware attacks
- Threat intelligence integration: Utilizing actionable data for the identification of novel attack methodologies
- Employee training: The human element is the weakest link, which continues to lead to breaches. Therefore, the need for repeat training is
A collaboration for parties to dismantle CaaS networks
Google Cloud’s forecast points to the need for collaboration between the private and the public sectors to dismantle CaaS networks.
The sharing of threat intelligence to frontline private sector organizations and investments in automated attack surface and intrusion detection systems will enable organizations to be more efficiently protected from adversaries.
As cybercrime matures into an economically driven service industry, the potential consequences for businesses and governments become even more dire.
Ransomware attacks are forecasted to increase by over 40% in the upcoming months. The proliferation of CaaS networks will leave little room for economically driven organizations to enact optional defensive measures. Organizations that do not adapt will experience a pandemic of operational and reputational damage in the coming years.
