Ransomware is big business
The illegal criminal practise of holding corporate business or even personal computer files hostage through virtually impossible to crack encryption tools, commonly known as ransomware attacks, has rapidly increased in scope, public visibility and, indeed, success. In fact, these days so-called Ransomware as a Service (RaaS) is a well-organised, evolving and accessible criminal business endeavour.
Mainstream media are progressively reporting more incidents of ransomware attacks, with the result that the general public has become increasingly aware of the practise.
Usually companies under attack pay up, as they have almost no other choice. Because the criminals who hold files at ransom want repeat business, they almost always also release the key to decrypt the locked files upon payment. Payment is often demanded and received in Bitcoin as the astute cyber thief’s cryptocurrency of choice.
According to an article by Danny Palmer for the influential tech website ZDNet, ransomware industry researchers estimate these kinds of attacks increased sevenfold in 2020 compared to the previous year. The reason, according to Palmer, is attackers are seemingly aiming for bigger paydays all the time. “A single attack can result in cyber criminals making hundreds of thousands or even millions of dollars,” he highlights.
The well-publicised recent ransomware hack of the Colonial Pipeline, an infrastructure system that supplies almost half of the fuel used throughout the east coast of America, has again shone a light on the goal of most of these kinds of actions: Profit. And where there’s profit to be made, even if illegal, business model structures soon follow.