Ransomware Attacks Surge, India Represents Over Half in 2024

A Check Point report reveals that ransomware attacks surged by 11% globally in 2024, with India responsible for over half of these incidents. The U.S. recorded the most attacks, while the construction sector experienced notable growth in incidents, driven by factors like the Ransomware-as-a-Service model and evolving tactics among threat actors.

A recent report by Check Point highlights a troubling rise in ransomware attacks globally, with India accounting for over half of these incidents in 2024. The U.S. faced the highest number of attacks, totaling 936, while India ranked fifth with 44 attacks, trailing behind Canada, the UK, and Germany, which occupied the second to fourth positions, respectively.

In total, ransomware attacks surged to 5,414 worldwide in 2024, reflecting an 11% increase from the previous year. Notably, India also led in phishing attempts, surpassing 50% of this malicious activity. The business services sector was the primary target, enduring 451 attacks, followed by the retail and manufacturing sectors, which experienced an uptick totaling 201 incidents in the final quarter of 2024.

Furthermore, the construction sector witnessed a significant 50% increase in ransomware incidents, moving it to fourth place in the rankings behind business services, retail, and manufacturing. This rise has overshadowed previously attacked sectors like finance, education, and healthcare.

Several factors contribute to the increase in ransomware activities, most prominently the Ransomware-as-a-Service (RaaS) model, which allows even less experienced actors to execute advanced attacks, with groups like RansomHub conducting 531 attacks. The landscape’s fragmentation, following the elimination of key players, has fostered competition and innovation among smaller groups. Additionally, threat actors are adapting to target Linux and VMware ESXi systems while employing cloud-based tools and AI to enhance their attack strategies.

The significant surge in ransomware attacks, particularly in India, underscores the evolving landscape of cyber threats. Factors such as the Ransomware-as-a-Service model and the innovative tactics employed by threat actors are key contributors to this rise. With targeted sectors now expanding, it is crucial for organizations to bolster their cybersecurity measures to mitigate potential risks.

Original Source: www.thehindu.com