Ransomware As A Service (RaaS): Evolution, Implications and Countermeasures

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SANS Asia Pacific DFIR Summit 2023
Ransomware As A Service (RaaS): Evolution, Implications and Countermeasures
Speaker: Terence Lau

Ransomware, once a threat limited to expert cyber criminals, has been democratized through the advent of Ransomware as a Service (RaaS) business models, exacerbating the already significant challenge of cyber threat mitigation. This paper proposes to investigate the escalating phenomenon of RaaS, its evolution, impact on the cybersecurity landscape, and effective countermeasures. RaaS has undergone an alarming transformation over the past years, shifting from simple lock-screen or encryption mechanisms to a full-fledged illicit service industry that monetizes the victim's access, data, and infrastructure. This shift has not only facilitated a surge in the number of attacks but also significantly increased the complexity and severity of these attacks. The paper will discuss the modus operandi of RaaS models, elucidating the service providers, subscribers, and revenue-sharing schemes. The study will examine various case studies of infamous RaaS campaigns, their targets, and the underlying exploit methodologies. Moreover, the repercussions of the RaaS phenomenon extend beyond individual companies, affecting entire sectors and national security. A comprehensive analysis of the broader implications of this trend will be provided, with a particular focus on the economic, societal, and geopolitical aspects. Finally, given the alarming rate of RaaS proliferation, the paper will present a strategic and tactical roadmap to mitigate the RaaS threat effectively. By examining existing cybersecurity measures and their limitations, the research will advocate for a multi-faceted approach incorporating advanced threat intelligence, predictive analytics, robust incident response plans, and ongoing user education. The ultimate aim of this paper is not just to shed light on the growing menace of RaaS but also to pave the way for proactive, coordinated action against this threat. By bringing together cutting-edge research, practical insights, and forward-looking strategies, we aim to equip cybersecurity practitioners, policymakers, and business leaders with the necessary tools to tackle RaaS.

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