Money has always been the driving force behind cybercrime, and ransomware is no exception. From its creation to distribution, the Ransomware Economy is booming—and it’s not slowing down anytime soon. But here’s the twist: this economy exists because of us.
Using the basic principles of supply and demand, ransomware operates like any other market. Cybercriminals create demand by locking up our data (the supply), and victims pay to regain access. This is a classic example of how the ransomware economy functions. Every time someone pays, the cycle strengthens. If you’ve paid once, what’s stopping attackers from coming back for round two?
Let’s break down the four pillars of the Ransomware Economy and explore how you can help dismantle it.
1. The Product
Ransomware is the product fueling this underground market. Criminals can purchase ransomware kits on the dark web for anywhere between $40 and $3,000. Additional costs include time spent crafting phishing emails and exploiting vulnerabilities. This product is at the core of the ransomware-driven economy. According to a Trustwave study, spreading an infection to 2,000 users costs roughly $2,500—a small investment compared to the potential return.
2. The Price
Pricing strategies in the Ransomware Economy are surprisingly sophisticated. Attackers analyze median income by country to set ransom amounts that victims are likely to pay. Unsurprisingly, the U.S. tops the list for the highest ransom demands. Payments are almost always requested in Bitcoin, ensuring anonymity and global accessibility.
3. The Consumer
The target market? Any organization or individual storing critical data and willing to pay for its return. This target consumer base fuels the ransomware economy. Healthcare organizations are prime targets because downtime can jeopardize patient care. Poor cybersecurity hygiene and a lack of backups make victims easy prey.
4. The Competition
Low barriers to entry mean fierce competition among cybercriminals. Some even brand themselves with professional ransom notes to stand out in the crowded ransomware economy. As long as victims keep paying, this black-market competition will thrive.
Collapsing the Ransomware Economy
This economy only exists because we allow it to. The solution is simple: don’t pay the ransom. Combine that with proactive measures like robust backups and regular IT audits, and you can starve this market of its lifeblood—your money.
The Ransomware Economy is a growing threat, but it’s not invincible. By refusing to fund it and strengthening your defenses, you can help crash this criminal enterprise into the ground and dismantle the ransomware-based economy.
Charles Lobert, has been in the Detroit Metro Area’s IT industry for over two decades & with VCS since ’04. Throughout the years, Lobert has held nearly every position at VCS & is responsible for several major organizational shifts within VCS.