What is ransomware as a service? You’re likely familiar with software as a service (SaaS) but ransomware? What does that mean?

First, let’s do a quick recap of what ransomware is. It is a type of malware that holds the victim’s files and folders for ransom. Through human error, the malware is deployed and encrypts network data, with a safe return being promised once the ransom is paid. And with payments usually made through cryptocurrency, traceability is eliminated. The ransomware as a service (RaaS) business model was developed for criminal purposes, with the product or service being purchased for illegal activity. Ransomware requires little effort with potentially big payouts.

Problem Solved

However, while ransomware is easy to deploy, it isn’t always easy to create. And that’s where RaaS comes into the equation. Developers can create the malware once and sell it to multiple cybercriminals. Those crime organizations can then deploy it to many users at once. And a resulting ransom can come from a single human error. There’s a huge return on investment for all involved, with seemingly little effort. The business model is structured like many legitimate businesses you’re familiar with. In the darkweb, you’ll find RaaS purchase options in a monthly subscription, one-time payment, or profit-sharing options that come from successful attacks. And there are even combination offerings of these options. Hackers and cybercriminal operations are highly sophisticated businesses. At this point, it is impossible to overlook the threat, and now is an excellent time to review your efforts to counteract their attack methods. Reynolds + Rowella’s Cybersecurity Team is here to help our clients combat cybercriminal behaviors, old and new. We have multiple solutions for you in our cybersecurity stack offering. With ongoing training, sound policies, and the right security solutions, you’ll have multiple levels of defense to stay a step ahead. Contact us today to learn about the resources we can provide for your success and safety!

Reynolds + Rowella is a regional accounting and consulting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve. Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, please contact Elizabeth Bresnan at 203.438.0161 or email.    

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