India Accounts for Over Half of Ransomware Attacks in 2024: Report

A recent report from Check Point reveals a surge in ransomware attacks in 2024, notably impacting India, which accounted for more than 50% of global phishing incidents. The U.S. led in attack numbers, while multiple sectors, particularly business services and construction, experienced substantial incidents. Factors such as Ransomware-as-a-Service models and evolving threat actor tactics are driving this increase.

In 2024, ransomware attacks have surged globally, with India experiencing over half of the total phishing incidents, according to a report from Check Point. The United States experienced the highest number of attacks, totaling 936, while India ranked fifth with 44 attacks. Canada, the United Kingdom, and Germany occupied the second, third, and fourth positions, respectively.

Globally, ransomware incidents climbed to 5,414, reflecting an 11% increase from the previous year. Notably, the business services sector suffered the most, enduring 451 attacks, followed closely by the retail and manufacturing sectors, which recorded 201 incidents in the last quarter of 2024.

The construction industry has seen a notable escalation in ransomware incidents, with a 50% increase from 2023 to 2024, propelling it to the fourth position among the most targeted sectors, ahead of finance, education, and healthcare.

Several factors drive the rise in ransomware activity. The advent of the Ransomware-as-a-Service (RaaS) model has facilitated novice threat actors in executing complex attacks, exemplified by groups like RansomHub, which was responsible for 531 attacks. Furthermore, the disruption of major ransomware entities has inspired competition among smaller groups, leading to innovative tactics, such as the targeting of Linux and VMware ESXi systems, exploitation of cloud tools for data theft, and the integration of artificial intelligence to enhance attack effectiveness.

The rise of ransomware attacks in 2024 underscores a troubling trend, especially as India accounts for a significant percentage of global phishing incidents. The increase in attacks across various sectors highlights the pervasive threat ransomware poses to organizations worldwide. Furthermore, the evolution of tactics and the influence of Ransomware-as-a-Service models signal an urgent need for enhanced cybersecurity measures and awareness.

Original Source: www.thehindu.com