Dark Web Ransomware Economy Growing at an Annual Rate of 2,500 percent

BW Online Bureau Oct 12, 2017

Carbon Black announced the release of: “The Ransomware Economy: How and Why the Dark Web Marketplace for Ransomware Is Growing at a Rate of More Than 2,500% Per Year.”

Carbon Black released the report at the company’s largest event of the year, Cb Connect, a conference in San Francisco bringing together hundreds of security professionals from around the world to discuss the latest trends and threats in cybersecurity.

Conducted by the network of the Carbon Black Threat Analysis Unit (TAU), the research found:

* There are currently more than 6,300 estimated dark web marketplaces selling ransomware, with more than 45,000 current product listings.

* The prices for do-it-yourself (DIY) ransomware ranges from $0.50 to $3,000. The median price is $10.50.

* When comparing 2016 vs. 2017 YTD, ransomware sales on the dark web have grown from $249,287.05 to $6,237,248.90, a growth rate of 2,502%. According to the FBI, ransomware extorted about $1B in 2016.

* Some ransomware sellers are making more than $100,000 per year simply retailing ransomware.

* The most notable innovations contributing to the proliferation and success of the dark web ransomware economy have been the emergence of Bitcoin for ransom payment, and the anonymity network, The Onion Router, better known as TOR, to mask illicit activities.

* Ransomware sellers are increasingly specialising in one specific area of the supply chain, further contributing to ransomware’s boom and economy development.

“Based on our research, ransomware can no longer be perceived as petty criminals performing stick ups and kidnappings,” said Rick McElroy, Carbon Black’s security strategist. “Instead, ransomware has become a rapidly growing, cloud-based black market economy focused on destruction and profit. Today, legitimate enterprises avoid heavy investments in infrastructure and hackers are no different. In fact, with Ransomware, hackers have set a model for a cloud-based, high profit and effective turnkey service economy.”