India faced a significant upsurge in cyber attacks during the first half of 2023, with ransomware and IoT attacks taking the lead as criminals adopted more covert methods of malicious activities, as reported by SonicWall.
While countries like the US and the UK observed a decline in ransomware attacks, India experienced a staggering 133 per cent increase, and Germany witnessed a 52 per cent rise in such attacks, according to the SonicWall Mid-Year Cyber Threat Report for January to June 2023. The global scenario also saw an uptick in other forms of cyber threats, such as cryptojacking (399 per cent), IoT malware (37 per cent), and encrypted threats (22 per cent).
However, on a positive note, there was an overall global decline of 41 per cent in ransomware attacks. Cybercriminals have been diversifying their tactics and targeting critical infrastructure, making the cybersecurity landscape even more complex. Organizations now need to reevaluate their security requirements in response to these evolving threats.
The report’s data pointed out that India saw a lesser rise in crypto attacks but a substantial increase in ransomware and IoT attacks overall. Debasish Mukherjee, Vice President Regional Sales, APJ, SonicWall, emphasized that these rising cyberattacks pose significant risks to India’s economic ambitions, with various industries becoming more vulnerable as they digitize their operations.
The report attributed the decline in global ransomware attacks to increased law enforcement activity, heavy sanctions, and victims refusing to pay ransom demands. This shift in criminal conduct has led threat actors to explore other means of revenue.
SonicWall President and CEO Bob VanKirk expressed concern about the intensifying digital assault on enterprises, governments, and citizens worldwide, indicating an expanding threat landscape. The report showed that threat actors have become more opportunistic, targeting schools, state and local governments, and retail organizations at unprecedented rates.
Education, government, and healthcare sectors witnessed alarming spikes in cryptojacking attacks. Additionally, the global volume of IoT malware rose by 37 per cent, highlighting the growing vulnerability of connected devices. SonicWall Vice President of Product Security Bobby Cornwell suggested that bad actors are shifting to lower-cost, less risky attack methods like cryptojacking to maximize their potential profits with minimal repercussions.
As cyberattacks continue to evolve and become more sophisticated, it is essential for organizations and governments to stay vigilant and invest in robust cybersecurity measures to safeguard their operations and protect against potential economic losses and reputational damage.
cyber attacks Ransomware Attacks
Last modified: August 4, 2023
