Cybercrime as a Service on the Darknet Has Europol Concerned

Software as a Service (SaaS) has been around for a while until the Bitcoin revolution introduced Blockchain as a Service (BaaS).  Thanks to both, now we have Cybercrime as a Service. The emerging threat as got Europol concerned.

According to recent reports, the European law enforcement agency has expressed its concerns about the increasing availability of cybercrime services for hire on the darknet. These services, run by hackers can be easily hired by anyone to target anyone. All they have to do is make a payment for the requested amount in Bitcoin.

The recent arrests of two hackers responsible for running a similar service called vDOS in Israel has reminded Europol of the potential threats these services may pose to the security. Even though it hasn’t happened yet, Europol believes that militants and terrorists may make use of such services in the future to launch a coordinated attack on people and facilities across Europe.

READ MORE: Professional DDoS Service vDOS Offline, Two Arrested

The concerns were voiced by the law enforcement agency in its latest annual cybercrime threat assessment report. This report comes at the time when the whole of Europe is at a heightened state of alertness following multiple attacks by militants belonging to ISIS.  While the report cautions about the potential use of darknet and cryptocurrencies for cyberattacks by militants, it also states that there is no evidence to show that the militants by themselves possess the capability of launching cyberattacks bigger than defacement of websites. This lack of expertise may lead them to avail services from hackers and cybercriminals on the darknet.

“Europol is concerned about how an expanding cybercriminal community has been able to further exploit our increasing dependence on technology and the internet, …We have also seen a marked shift in cyber-facilitated activities relating to trafficking in human beings, terrorism and other threats,”

— states Rob Wainwright, the director of Europol.

So far, most of the cyberattacks have been confined to Ransomware and DDoS attacks on individuals, banks, and companies. But the possibility of targeting these towards the government, law enforcement and first responders in combination with a simultaneous physical attack may potentially turn out to be catastrophic.

Ref: News18 | Image: NewsBTC