Philippine companies paid $1.6 billion on average through the nose for ransomware attacks in 2022, making the country the third most-extorted by ransomware in the world next only to Japan and the Netherlands, according to cybersecurity firm Sophos.
Microsoft explained that the RaaS economy provides even malicious users with little technical expertise access to ransomware payloads, data leakage, and payment infrastructure. Cybercriminals can buy and use multiple RaaS programs such as Conti or REvil, and switch between them as needed. This market for ransomware services has created an entire industry with its own middlemen, including brokers and other specialized roles.
