A Deep Dive into the Evolution of Ransomware Part 3
Privacy & Risks
This 3-part blog series takes an in-depth look at the evolution of ransomware business models, from the early stages to current trends.
Ransomware is an ever-growing problem that has wreaked havoc across a multitude of industries, with astronomical ransom demands leaving businesses and infrastructure feeling powerless. From major hospitals to enterprises – no sector was immune from the impact of ransomware’s widespread infiltration in recent years.
We discussed what triggers threat actors from changing their business models in part two. We also talked about what ransomware looks like through the lens of evolution. In the last installation of this series, we’ll look at how ransomware will look like when it goes through a revolution.
Figure 1. Potential changes from ransomware in adopted cybercriminal business models
Cryptocurrency-based crime has been booming in 2021, with illicit activity estimated to be worth at least $14 billion by Chainalysis’s 2022 crime report. Ransomware remains a profitable endeavour for criminal actors but stealing cryptocurrency and fraud involving it are even more lucrative pursuits.
As cryptocurrency becomes more and more common, particularly among younger internet users, it poses an attractive target for cybercriminals.