Surge in Ransomware and IoT attacks

There are evolving tactical behavior from digital threat actors as they opt for different types of malicious attacks compared to years past. The IoT malware (37%) and encrypted threats (22%) also is on the rise, the SonicWall Mid-Year Cyber Threat Report uncovers.

Cybercriminals are diversifying and expanding their skill sets to attack critical infrastructure, making the threat landscape even more complex and forcing organizations to reconsider their security needs. Despite the decline in global ransomware attempts (-41%), a variety of other attacks have trended up globally, including crypto-jacking (+399%), IoT malware (+37%) and encrypted threats (+22%).

Overall intrusion attempts were up, led by the highest year on record for global crypto-jacking volume recorded by SonicWall, as threat actors shifted away from traditional ransomware attacks in favor of a stealthier means of malicious activities. The data suggests increased law enforcement activity, heavy sanctions and victims’ refusal to pay ransom demands have altered criminal conduct, and threat actors are targeting other means of revenue.

The seemingly endless digital assault on enterprises, governments and global citizens is intensifying, and the threat landscape continues to expand,” said expert. Threat actors are relentless, and the data indicates they are more opportunistic than ever, targeting schools, state & local governments, and retail organizations at unprecedented rates. The 2023 SonicWall Mid-Year Cyber Threat Report helps us better understand the mindset and criminal behavior that will in turn help SonicWall create the right counter-measures, and help organizations protect themselves by being better prepared and build stronger defenses against malicious activities.

The report shows that while India saw a lesser rise in crypto attacks, there has been a huge growth in ransomware and IoT attacks overall. These rises in cyberattacks pose great risks to India’s economic ambitions, with industries from manufacturing to pharmaceuticals becoming more vulnerable as they continue to digitize operations. SonicWall shares critical cyber data that depicts the dramatic rise in the number of attacks, combined with progressively complex attack methods that are designed to breach and damage organizations.

Moving forward, all organizations must be vigilant in defending their infrastructure from digital threats and finding new ways to expand or replacing traditional security systems and provide rapid remediation services when necessary.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA