July 2023 Special Focus: Cybercrime-as-a-Service: The New Side Hustle
Life’s demands and soaring living costs have pushed many to explore alternative income streams beyond the traditional 9-to-5 grind. Surprisingly, the realm of cybercrime has emerged as an increasingly popular side hustle, drawing in individuals from diverse backgrounds into its fold with “services” known as the Cybercrime-as-a-Service, or CaaS for short.
These days, cybercrime is no longer reserved for master hackers; even tech-savvy teenagers and laid-off professionals can now find their way into this illicit landscape. A recent survey revealed that concern is growing among parents about their children being enticed into cybercrime’s web.
The allure lies in the structured processes and tools available to aid criminal activities, making it enticing for those seeking a way into this shadowy ecosystem. With the rise of structured social engineering scams, the utilisation of generative AI for cyber theft and the availability of several Ransomware-as-a-Service (RaaS) offerings, the barriers to enter the mentioned criminal activity have significantly lowered, tempting more to partake in cybercriminal pursuit.
Another emerging factor that adds to the accessibility of cybercrime is the rise of Initial Access Brokers (IABs). These specialists excel in breaching organisations and then selling that access to other criminals for exploitation. This approach allows cybercriminals to tailor their skills to specific areas of criminal activity, making the world of cybercrime an enticing prospect for many.
As the dynamics of work have shifted with the advent of hybrid working and the Great Resignation, the tech industry has been particularly impacted. Layoffs surged by a staggering 649% in 2022, leaving many skilled tech professionals searching for alternatives to supplement their income without taking into consideration what is right or wrong, due to the increasing living costs.
Turning to cybercrime is undoubtedly a dark and desperate decision, but for some, it may appear as a necessary means of survival – as the saying, desperate times call for desperate measures. For most of them, this might be their last-ditch attempt in bringing food to the table.
So, buckle up as we venture into the shadows and confront the grim reality of how Cybercrime-as-a-Service is fuelling a booming cybercrime economy. Explore the perilous consequences of these illicit services and the ominous implications they hold for the future of online security.
With opinions and comments given by experts in the cybersecurity scene, we hope that this e-book can help you to unmask the dark secrets that lurk within the world of CaaS, where danger awaits at every digital corner.
