The era of the e-criminal is here: the rise of “Misfortune 500” organizations.

In defense of the free word, most organizations are actively trying to thwart cybercrime. After all, it’s seemingly the right thing to do… at least for most of us. Let the bad guys win? Never. In the cybercrime version of the axis of evil however, underground criminal organizations have formed groups specialized in cyberattacks, which has led to the formation of “Misfortune 500” organizations. Armed with highly experienced hackers with sinister reputations, when unleashed, Misfortune 500 organizations have the power to wreak havoc on the world.

“Each organization specializes in various aspects of cyberattacks: creating phishing lures, credential harvesting, initial intrusion, data theft, malware crafting, fencing of stolen information of crypto-laundering, etc.”

These organizations aren’t always unknown to their governments either. While some operate independently, others are known by the state and allowed to operate with the silent understanding that they will help do their bidding when needed. What’s worse? Others are actually funded by the nation-states themselves.

So, how do these cybercriminals make money?

Despite being in the cybercrime sector, every organization still has some kind of business model. According to the CrowdStrike 2020 Global Threat Report, ransomware gangs including Maze, REvil, Ryuk, and so forth, earned over $80 million through their cyberattacks. They are so profitable because they work with a split model: the ransomware developers partner with distributors and split the profits.

The world of customized ransomware attacks is only growing. The VMware Carbon Black Global Incident Response Threat Report, has estimated ransomware-as-a-service (RaaS) to be a $140 million business. The report claims that in nearly 50% of attacks, custom malware is utilized. The era of the e-criminal is here, the only question is: how are we going to fight it?

Talk to us: How can we fight e-criminals and stop the rise of cybercrime? Let us know in the comments below, we would love to hear from you!

Read the full article here.

Take a look at more top articles, trends and experts by signing up to our newsletter - By getting to choose which topics interest you the most, you get the latest news delivered with ease.