A Growing Threat to Companies in the Digital World: Crime-As-A-Service

Cybercriminals have devised ways to sell their illicit actions in recent years. The rise of “Crime-as-a-Service” (CaaS), which is offering criminal tools and services to non-technical criminals lacking the expertise to perpetrate cybercrime on their own, is one of the most alarming trends in the cybersecurity industry. CaaS enables anyone to become a cybercriminal by offering various tools and services that can be used for illicit reasons. Crime-as-a-service providers operate in the same manner as legitimate businesses. These operations have HR departments, marketing teams, and PR staff issue official press statements.

The Business Model: Crime-As-A-Service

The term “Crime-as-a-Service” refers to a business model in providing cybercriminals tools and services to other criminals. The services can include simple phishing kits, complex malware, and hacking tools that can be used for various purposes, including stealing personal information, carrying out Distributed Denial of Service (DDoS) attacks, and breaching into companies’ networks. CaaS allows non-technical criminals to gain access and use advanced cyber tools without having to learn the skill themselves. CaaS uses sophisticated marketing strategies to attract clients and provide a variety of services to fulfill their client’s needs. Among the most common CaaS offerings are:

• Malware-as-a-Service (MaaS): MaaS providers offer access to pre-built malware for various purposes, including stealing data, controlling systems, or conducting DDoS attacks.
• Ransomware-as-a-Service (RaaS): RaaS providers offer access to ransomware tools to lock down systems and demand payment from victims.
• Phishing-as-a-Service (PaaS): PaaS providers offer pre-built phishing tools to deceive individuals into providing personal information or downloading malware.

The rising CaaS activities can be due to various factors, including increased demand for cybercrime services, rising sophistication of cyberattacks, and dark web emergence. Cybercrime is becoming a more profitable industry. When threat operators gain experience, crime-as-a-service provides seasoned cyber criminals with a quick and reasonably steady payday. CaaS providers have come to fulfill the increasing demand for cybercrime services. Additionally, the growing complexity of cyberattacks has contributed to the emergence of CaaS. Cyberattacks are becoming increasingly more sophisticated and difficult to execute, requiring specific knowledge and expertise. Crime-as-a-service providers make it simple for non-technical criminals to have access to and use the technologies without having to learn the necessary knowledge. CaaS criminals can operate anonymously and sell their services to numerous criminals due to the emergence of the dark web marketplace. The marketplaces allow criminals to buy and sell cybercrime services, which makes it easy for non-technical criminals to access and use these tools.

For various reasons, company executives need to be concerned about the rising Crime-as-a-Service because it’s becoming easier for cybercriminals to commit attacks on companies. In other cases, it can imply that their internal threat can play a larger role in crime-as-a-service than most executives anticipate. Meta employees were caught exploiting their privilege to access users’ Facebook accounts for the threat operators. Several incidents involved bribery, with staff receiving thousands of dollars in exchange for breaching into accounts.

1. Cyberattacks Risk Increasing – With CaaS on the rise, companies are more vulnerable to cyberattacks. Non-technical criminals can access and utilize sophisticated cyber tools previously available only to experienced threat operators. To defend themselves against threats, companies need to be more cautious and invest in cybersecurity solutions.
2. Trust and Reputation Damaged – Successful cyberattacks can damage companies’ reputations. Clients can lose trust in companies’ ability to defend their sensitive information if personal data or financial information is compromised. This can result in losing clients and revenue.
3. Financial Loss – A breach in the United States cost an average of $9.44 million in 2022. When companies are attacked, they need to pay for the losses caused by the attacks, cover the costs of investigating incidents, and invest in extra security measures to prevent future attacks. It can become a large burden for companies lacking resources to recover from cyberattacks.
4. Issues With Compliance and Regulations – Compliance and regulatory requirements apply to companies gathering and storing sensitive information. Cyberattacks that breach this information can result in legal and regulatory issues that can be time-consuming and costly to resolve. Companies failing to comply with the regulations can result in fines or legal action.
5. Cybersecurity Cost – Investing in cybersecurity can be costly and companies can be hesitant to invest money in measures that don’t provide quick returns. However, not investing in cybersecurity can be significantly higher. CaaS makes it simpler for threat operators to target companies and it’s important to take the required precautions to secure themselves and their clients. Cyberattacks can significantly cost more than investing in cybersecurity measures.

Crime-as-a-Service is an increasing issue for security professionals, and the first step in protecting companies from the threat is to implement a proper cybersecurity program that leaders don’t have time to waste. In today’s digital world, investing in cybersecurity has become an important necessity for companies. With companies expanding and becoming more digital, data and systems become more vulnerable to cyberattacks, and regardless of size or industry, no company is immune to the risks. Companies should invest in cybersecurity measures to protect themselves and their clients, even if it means additional costs. Companies can mitigate the risks posed by Crime-as-a-Service ensuring companies’ long-term success.

If companies are ready to make the necessary changes and developments to stay updated with the current threat landscape, the next step is to contact a cybersecurity company like SpearTip. Our certified engineers will work with companies to navigate their current environment and develop a secure future for companies. Companies can contact SpearTip to learn more about their security gaps and the investments they can make to protect their clients, employees, and partners. Our engineers will continue to work in an investigative cycle at our 24/7/365 Security Operations Center monitoring companies’ data networks for potential threats like Crime-as-a-Service and ready to respond to incidents at a moment’s notice. With our gap analysis solution, our engineers discover blind spots, by comparing technology and internal people within companies, that can lead to significant compromises. We go beyond simple compliance frameworks and examine the daily function of cyber within companies. This can lead to critical recommendations by exposing vulnerabilities in software, people, and processes.

If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.