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Cyber Threats Surge Globally: Ransomware and IoT Attacks on the Rise | #ransomware | #cybercrime

Other attacks have increased globally, according to the research, including cryptojacking (399 per cent), IoT malware (37%), and encrypted threats (22%).

Updated Aug 4, 2023 | 06:57 PM IST

According to a survey by SonicWall , India observed a significant increase in ransomware and IoT cyber threats in the first half of 2023, as criminals resorted to stealthier forms of destructive activity.

While large economies like the United States and the United Kingdom saw a decrease in ransomware assaults, India (up 133%), and Germany (52%), were among the nations that saw a significant increase in such attacks, according to the 2023 SonicWall Mid-Year Cyber Threat Report for the January-June period.

Other attacks have increased globally, according to the research, including cryptojacking (399 per cent), IoT malware (37%), and encrypted threats (22%).

At the global level, ransomware attacks have decreased by 41%.

According to the report, cybercriminals are diversifying and expanding their skill sets to attack critical infrastructure, making the threat picture even more complicated and pushing organisations to reassess their security needs.

“While crypto attacks increased less in India, ransomware and IoT attacks increased dramatically.”

“These increases in cyberattacks pose significant threats to India’s economic ambitions, with industries ranging from manufacturing to pharmaceuticals becoming more vulnerable as they continue to digitise operations,” said Debasish Mukherjee , SonicWall’s Vice President of Regional Sales, APJ.

The data reveals that greater law enforcement effort, harsh punishments, and victims’ refusal to pay ransom demands have changed criminal behaviour, and threat actors are focusing on other sources of cash, according to the report, which explains why ransomware attacks have decreased globally.

“The seemingly endless digital assault on enterprises, governments, and global citizens is intensifying, and the threat landscape continues to expand,” SonicWall President and CEO Bob VanKirk stated.

According to the report, data show that threat actors are more opportunistic than ever, targeting schools, state and local governments, and retail organisations at record rates.

It added that prominent attacks continued to afflict corporations, cities, airlines, and K-12 schools, resulting in widespread system outage, economic loss, and reputational damage.

According to the research, cryptojacking attacks on education increased 320 times, 89 times on government, and 69 times on healthcare.

By the end of June, the global volume of IoT malware had increased by 37%, totaling nearly 78 million hits. As the number of connected devices grows, bad actors are seeking weak points of entry as potential attack routes into organisations.

“SonicWall intelligence suggests that bad actors are pivoting to lower-cost, less risky attack methods with potentially high returns, like cryptojacking,” said SonicWall Vice President of Product Security Bobby Cornwell .

“It also explains why we’re seeing more cybercrime in places like Latin America and Asia.” Hackers look for the weakest ports of access with the fewest possible consequences, minimising their risk and maximising their potential gains.”

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