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Cybercrime as a Service: What Every Business Needs to Know

Mirela Dimofte

February 15, 2024

Have you heard of cybercrime as a service?

Online businesses are moving faster than ever before. Unfortunately, so are criminals who target them.

In this article, we explore what cybercrime as a service is and what you can do to defend yourself.

What is cybercrime as a service?

You have service providers for the software you normally use. They offer you subscriptions for cloud storage, professional e-mail, or website hosting.

Some criminals “rent” their hacking skills or tools to others, much like you might lease office software or hire a marketing consultant.

That’s what cybercrime as a service (CaaS) essentially is. It is a subscription-based model where cybercriminals offer their expertise and malicious tools to anyone willing to pay.

This service can range from spreading viruses to stealing sensitive information from businesses like yours.

What experts say

We at Cyberion collaborate with the top cybersecurity experts. We want to offer you the latest information and protection for your business.

Mathias Bücherl is a renowned expert in the field. At a recent Cyberion event in Zürich, he shed light on the dark corners of cybercrime. In short, “cybercrime as a service” is on the rise.

According to Bücherl, services that used to be accessible only to experts in the past can be easily bought from the dark web. He has presented the audience with a “price list.” For example, hacking an e-mail password costs less than 0,60 CHF.

Why Should SMEs Care?

You might think, “My business isn’t big enough to be a target,” but that’s not how cybercriminals see it. Small businesses are often seen as low-hanging fruit because their security measures might not be as strong as those of larger companies.

From small startups to multinational corporations, no entity is immune to the dangers in the digital space.

Cybercrime as a service is more accessible than ever. That means that even those with minimal technical know-how can launch attacks against you.

Common Types of Cybercrime as a Service Attacks

To clarify it, let`s look at a few examples of attacks. Remember that every example below can be initiated by someone without technical skills who bought the service online.

Phishing Scams are fraudulent emails or messages designed to trick you into giving away passwords or financial information.

For example, you get a message through your booking application, asking you to update your credit card details. It looks like a message from your hotel, but it contains a link to an external website. This is a phishing message.

Ransomware is malicious software that locks you out of your own systems. Picture that: one morning, you open your laptop, ready for another day at work. Instead of opening your applications, you get an unusual message. Someone demands payment to unlock and decrypt your data.

Data Breaches happen when a hacker accesses your business’s data, like customer information or financial records. In this case, you need experts to help you recover your data and manage the communications campaign and legal issues.

Protecting Your Business

What can you do to protect your business?

While the threat is real, there are steps you can take to protect your company.

  • Educate Your Team: Make sure everyone knows the basics of online safety, like not clicking on suspicious links and using strong, unique passwords. However, attackers are more sophisticated than before, and their methods evolve rapidly. Therefore, organize regular training for your colleagues.
  • Update Regularly: Keep all your software updated to patch security vulnerabilities.
  • Backup Your Data: Regular backups can be a lifesaver in case of a ransomware attack. Nevertheless, some recent attacks were targeted at the back-up.
  • Seek Professional Help: When your online business grows, it is better to invest in expert services and advice.
  • Buy Cyber Insurance: Even when you have done all of the above, an attack can still happen. Invest in a good insurance plan. This is your safety net and can make the difference between a business that thrives and one that will shut down after the attack.

Conclusion

Cybercrime as a Service makes it easier for criminals to target businesses of all sizes.

However, remember that knowledge is power. Stay informed and take proactive steps, to reduce your risk. In the digital world, being informed and prepared is your best defense.

And if it happens, do not forget that we are here to help. Get your cyber insurance quote today.

Mirela Dimofte is the COO of Cyberion

Jonas Von Oldenskiold and other experts contribute to our newsletter

Jonas Von Oldenskiold and other experts contribute to our newsletter

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