Cybercrime is becoming more accessible to hackers – how can SMBs mitigate risk?

Cybersecurity · Nov 19, 2024

Cybercrime is entering a new era where launching attacks is easier and more accessible. Sophisticated tools and methods that once required advanced skill and time are now readily available to a broader pool of cybercriminals, increasing the risks for businesses.

Cybercrime-as-a-Service (CaaS) is a business model used by criminals which involves commercializing cyberattack tools, putting even the most advanced threats within reach of less-skilled hackers. These platforms now offer services like ransomware and phishing kits on a subscription basis, often with support, making attacks easier to launch and harder to defend against.

This cybercrime business model is reshaping the threat landscape, making advanced cyberattacks more accessible and widespread. Here are some key insights small businesses should know about the changing cybersecurity landscape:

60% of SMBs close within six months after an attack
: Data breaches and ransomware can lead to unrecoverable financial and reputational damage.
75% of SMBs could not continue operating if they were hit with ransomware
: The operational disruption and financial impact often make recovery difficult for smaller businesses.
More than 30%
of businesses report a decline in their ability to handle these attacks effectively: The increasing sophistication and frequency of attacks have outpaced many businesses' cybersecurity capabilities.

What is Cybercrime-as-a-Service?

CaaS is essentially the commercialization of tools and services designed for cyberattacks, providing ready-made hacking solutions for those lacking technical expertise. Operating much like legitimate “as-a-service” models — such as Software as a Service (SaaS) and Platform as a Service (PaaS) — but the objective here is malicious. These services are readily available on dark web platforms and other illicit online marketplaces, often accompanied by customer support and instructional materials to assist users in executing attacks.

Here are the top five common offerings under CaaS:

Ransomware-as-a-Service (RaaS): Providers sell or rent out ransomware software that buyers can use to launch attacks on targets, demanding payment to unlock encrypted files. The revenue is usually shared between the buyer and the ransomware creator.
Distributed Denial of Service (DDoS): DDoS attacks that flood a target’s network, rendering it inoperable, can now be hired out for a fee. Users don’t need technical skills to deploy such attacks — merely a desire to disrupt.
Phishing kits and email campaigns: Phishing, which remains one of the most successful vectors for cyberattacks, can now be automated and packaged as a service. Comprehensive phishing kits include templates, fake websites‌ and mass email sending software.
Exploits and vulnerabilities as a service: Attackers can purchase zero-day vulnerabilities (previously unknown software flaws) to compromise systems. These are highly prized commodities in the cybercrime world due to their potential impact.
Botnets for hire: Botnets — networks of infected devices — can be rented to spread malware, spam emails‌ or engage in brute-force attacks. The cost of these services can be surprisingly low, contributing to their popularity.

What’s behind the surge in Cybercrime-as-a-Service use?

The rapid growth of this business model is lowering entry barriers for cybercriminals, creating significant risks for businesses of all sizes. Here are the key drivers fuelling this trend:

Lower skill requirement: CaaS provides advanced attack tools, enabling individuals with minimal skills to launch complex cyberattacks.
Profit motivation: Cybercrime has become more lucrative, with ransomware groups organized like professional businesses.
Cryptocurrency anonymity: Cryptocurrencies allow anonymous payments, and can help protect criminals from tracing and detection.
Expanding attack surface: Increased connectivity through IoT and cloud services has created more exploitable vulnerabilities.
Sophisticated malware: Advanced, modular malware makes attacks scalable and is often supported by customer service, similar to legitimate SaaS models.

As these factors converge, businesses must adopt robust cybersecurity measures to safeguard against the escalating threat posed by more accessible cybercrime.

Why SMBs can’t ignore the increasing accessibility to cybercrime

Here are some reasons SMBs must take this sophisticated threat model seriously:

Higher attack volume: Accessible cyber threat tools have made attacks frequent, overwhelming small IT teams.
Advanced, customizable attacks: Attackers can tailor tools, making defenses difficult to sustain without strong threat intelligence.
Limited resources: SMBs typically lack the budget for advanced security, exposing them to ransomware and phishing.
Employee vulnerability: Phishing attacks exploit human error, so SMBs must invest in security training to mitigate risk.
Financial and reputational damage: A successful attack can devastate SMBs financially and damage their reputation.

Countering the threat: Steps to mitigate risk

As cyberattacks become more frequent and tailored, the risks for SMBs intensify. The rise of CaaS has significantly heightened existing vulnerabilities, making it essential for businesses to acknowledge and address these evolving threats. To effectively combat the escalating threat posed by Cybercrime-as-a-Service, SMBs must embrace a proactive and layered cybersecurity strategy.

Here are five essential cybersecurity measures that your small business can implement to enhance protection and resilience against these sophisticated threats:

Implement strong access controls: By enforcing multi-factor authentication (MFA) and role-based access control, SMBs can reduce the risk of unauthorized access to sensitive systems and data, a common target for CaaS-enabled attacks like ransomware and phishing.
Regular security training: Continuous employee training on recognizing phishing scams, social engineering, and best practices for data protection can significantly lower the risk of human errors, which are frequently exploited in cyberattacks.
Automate security updates and patching: Keeping software and systems up-to-date is critical to closing vulnerabilities that attackers may exploit. Automating updates and patch management helps ensure that critical defenses are always current.
Leverage threat intelligence and collaboration: SMBs should collaborate with industry partners and leverage shared threat intelligence to stay informed about the latest cyberattack trends and vulnerabilities, allowing for quicker detection and response to potential threats.
Working with a managed service provider (MSP): SMBs with limited IT resources can benefit from partnering with an MSP for their cybersecurity needs, ensuring 24/7 monitoring, threat detection and incident response without the need for an in-house team.

Implementing these strategies can help SMBs strengthen their defenses and mitigate the risks posed by the rise of this cybercrime service.

Partnering with TELUS Business for advanced cybersecurity

TELUS Business offers a comprehensive solution to help combat the growing threat of cybercrime service models by providing businesses with end-to-end cybersecurity management. With 24/7 monitoring, threat detection and incident response, we help businesses proactively defend against sophisticated cyberattacks like ransomware, DDoS and phishing, which are increasingly available through CaaS platforms. We also offer services like regular vulnerability assessments, network protection and continuous updates to security protocols, helping to ensure that businesses stay ahead of emerging threats. Additionally, we provide employee training to enhance security awareness and minimize human errors to help strengthen a business’ overall defence posture.

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Vivek Goyal is a product leader with over a decade of experience in cybersecurity, cloud and network. He has expertise in AI / ML, threat intelligence, risk management, compliance, frameworks, vulnerability management and data security practices. He shares insights on the different aspects of the cybersecurity landscape, offering practical advice to help businesses succeed.

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