Cyber Agencies Warn of Ransomware’s Rise as Business for Hackers

Cybersecurity agencies from the U.S., Australia, and U.K. issued a joint warning on the growing global threat posed by costly ransomware attacks, as hackers build a business model off locking down data and demanding payments to regain access.

The agencies highlighted how cybercriminals are targeting victims and professionalizing the process of negotiating payments. Many ransomware gangs also let affiliates use their malware to carry out attacks, in what’s known as ransomware-as-a-service.

Ransomware incidents will rise as long as the business model continues to yield financial returns for cybercriminals, the cyber agencies warned.

“Every time a ransom is paid, it confirms ...