A rise in technology has also led to an increase in cybersecurity concerns as a result of the rise of technology. It is becoming more and more common for users across the world to fall victim to online scams day after day, and this is even getting the authorities in action, as they're now attempting to combat this trend by taking steps to introduce safeguards for users.
According to the first half of 2024 global statistics, malware volume increased by a whopping 30 per cent on a global scale. As a result of this increase alone, the number of reports increased by 92 per cent in May.
Throughout 2024, the number of malware attacks in the country increased by 11 per cent and ransomware attacks rose by 22 per cent, indicating that businesses are facing more cyber threats than ever before, according to a report by SonicWall.
A SonicWall report published in February 2024 revealed that malware attacks increased by eleven per cent in volume from 12,13,528 in 2023 to 13,44,566 in 2024 as compared to the previous year. IoT (Internet of Things) attacks have increased by 59 per cent in the last year, with 16,80,787 attacks occurring annually in 2024 as opposed to 10,57,320 in 2023, the study found.
There is no doubt that India is making substantial efforts to become one of the leading countries in the field of technology. While the use of technology has increased over the years, a recent trend has also been accompanied by significant cybersecurity risks. Attacks on Internet of Things (IoT) devices have increased by 59 per cent in 2024 as compared to 1,057,320 in 2023, which marks an increase of 11 per cent in malware attacks, a 22 per cent increase in ransomware attacks, and an 11 per cent increase in Internet of Things (IoT) attacks.
According to the report, there was a marked increase in both ransomware attacks and crypto attacks; the latter grew by an astonishing 409 per cent. The SonicWall Vice President for APJ Sales, Debasish Mukherjee, noted that organizations are facing an increasingly hostile threat environment because attackers are continuing to innovate beyond traditional defences to become more successful.
According to the "Mid-Year Cyber Threat Report" published by SonicWall, the rise of new cyber threats is becoming increasingly prevalent among businesses due to these new developments in cybersecurity.
Cryptojacking attacks are increasing, and India has reported the highest number of attacks with a 409 per cent increase compared to a global decline of 60 per cent — a startling statistic.
In a recent report published by SonicWall Capture Labs, SonicWall released the 2024 SonicWall Mid-Year Cyber Threat Report today. This report reveals that cyber threats are once again on the rise after an 11% increase in 2023, confirming the 11% rise in high-quality attacks since 2023.
A report published by the company details the changing threat landscape over the first five months of this year, showing the persistence, relentlessness, and ever-growing nature of cyber threats across the globe.
A report that has been designed with SonicWall's partners in mind, has undergone several changes over the past few years, much like SonicWall itself has undergone several changes. As part of its evolution, the report has recently changed the way it measures vital cyber threat data to include time as a component.
A key part of the report outlines the latest threats which are affecting our partners and the customers they serve, and for the first time, it highlights how attacks can have a direct impact on our partners, including threats to revenue.
According to SonicWall intelligence, on average, companies are likely to be under critical attack - that is, attacks which are most likely to deplete business resources - for 1,104 of the 880 working hours they have in a given month.
In the first five months of 2024, businesses were shielded from potential downtime of up to 46 days, a critical safeguard that protected 12.6% of total revenues from potentially devastating cyber intrusions. This significant finding was among the key insights from a recent report, underscoring the escalating threats faced by modern enterprises.
Douglas McKee, Executive Director of Threat Research at SonicWall, emphasized the importance of robust cybersecurity measures, stating, "The data and examples found in the report provide real-life scenarios of how crafty and swift malicious actors operate, underscoring that traditional cybersecurity defences often prove to be the most reliable."
One of the most pressing concerns highlighted in the report is the increasing sophistication of supply chain attacks.
These attacks exploit the interconnectedness of modern enterprises, targeting vulnerabilities in third-party software and services to compromise broader networks. The first half of 2024 saw several sophisticated attacks, including a high-profile breach involving the JetBrains TeamCity authentication bypass. By the end of 2023, three out of the top five companies globally had already suffered supply chain breaches, affecting more than 50% of their customers.
These breaches were primarily due to vulnerabilities such as Log4j Log4Shell and Heartbleed. The report also revealed that organizations, on average, took 55 days to patch even 50% of their critical vulnerabilities, further exposing them to risk.
In response to these growing threats, Microsoft has made significant strides in addressing vulnerabilities.
In 2023, the company patched more than 900 vulnerabilities, with Remote Code Execution (RCE) vulnerabilities accounting for 36% of them. Despite the high number of RCE vulnerabilities, they were exploited only 5% of the time. In contrast, Elevation of Privilege vulnerabilities, which were leveraged 52% of the time, posed a greater risk. By mid-2024, Microsoft had already patched 434 vulnerabilities, matching the record set in 2023.
Notably, 40% of these vulnerabilities were classified as RCE, yet 86% of the exploited vulnerabilities were related to Security Feature Bypass or Elevation of Privilege issues.
The report also sheds light on the growing threat posed by Remote Access Trojans (RATs). These malicious programs disguise themselves as legitimate applications to obtain necessary permissions and connect to command-and-control servers, enabling them to steal sensitive information and bypass multi-factor authentication (MFA). Industries will experience several sophisticated RAT attacks in 2024, with malware such as Anubis, AhMyth, and Cerberus evolving to bypass MFA, making them a significant cybersecurity threat.
PowerShell, a versatile scripting language and command-line shell, has also become a favoured tool among malicious actors due to its user-friendly features.
The report revealed that 90% of prevalent malware families, including AgentTesla, AsyncRAT, GuLoader, DBatLoader, and LokiBot, utilize PowerShell for malicious activities. Of these, 73% use PowerShell to download additional malware, evade detection, and carry out other harmful actions.
This report serves as a stark reminder of the increasing sophistication and prevalence of cyber threats in 2024, underscoring the need for continued vigilance and robust cybersecurity measures to protect businesses and their customers.
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