According to a report by SonicWall, India witnessed a significant increase in ransomware and IoT cyber attacks in the first half of 2023. This surge in malicious activities represents a shift by criminals towards stealthier methods.
While countries such as the US and the UK experienced a decline in ransomware attacks, India saw a rise of 133 percent, and Germany saw a surge of 52 percent. Additionally, globally, there has been an increase in other types of attacks including cryptojacking (399 percent), IoT malware (37 percent), and encrypted threats (22 percent). However, there was a decline of 41 percent in ransomware attacks at the global level.
The report highlights that cybercriminals are expanding their skill sets to target critical infrastructure, which adds complexity to the threat landscape. Organizations are now forced to reassess their security needs in light of these evolving threats.
Debasish Mukherjee, Vice President of Regional Sales, APJ at SonicWall, noted that although India experienced a smaller rise in crypto attacks, there has been a significant growth in ransomware and IoT attacks overall. These cyberattacks pose a significant risk to India’s economic ambitions, particularly in industries such as manufacturing and pharmaceuticals, which are increasingly digitizing their operations.
The report suggests that increased law enforcement activity, severe sanctions, and a growing refusal by victims to pay ransom demands have altered criminal behavior. As a result, threat actors are now exploring alternative means of generating income.
SonicWall President and CEO Bob VanKirk stated that the digital assault on enterprises, governments, and global citizens is intensifying, expanding the threat landscape. The data indicates that threat actors are becoming more opportunistic, targeting schools, state and local governments, and retail organizations at unprecedented rates.
The report also highlights specific sectors that have been heavily targeted. Education, government, and healthcare sectors have experienced a surge in cryptojacking attacks, with increases of 320 times, 89 times, and 69 times, respectively.
The global volume of IoT malware rose by 37 percent, reaching almost 78 million hits by the end of June. This rise can be attributed to the increasing number of connected devices, providing bad actors with numerous potential entry points into organizations.
SonicWall Vice President of Product Security Bobby Cornwell explained that bad actors are adopting lower-cost, less risky attack methods with high return potentials, such as cryptojacking. This trend is also evident in regions like Latin America and Asia, where higher levels of cybercrime are observed. Hackers are strategically targeting weak entry points that offer minimal repercussions, maximizing their potential profits.
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