In India, ransomware cyberattacks more than doubled in the first half of 2023, according to a report

In the first half of 2023, India saw a sharp increase in ransomware and Internet of Things (IoT) cyberattacks as bad actors turned to stealthier methods of destructive behavior, according to a research from SonicWall.

The 2023 SonicWall Mid-Year Cyber Threat Report for the period of January to June revealed that although large economies like the US and the UK experienced a reduction in ransomware attacks, India (up 133%) and Germany (up 52%) are among the nations that saw a significant spike in such assaults.

According to the research, a number of additional assaults have become more prevalent globally, including cryptojacking (399%) IoT malware (37%), and encrypted threats (22%).

 

The number of ransomware assaults decreased by 41% on a worldwide scale.

 

The survey said that as cybercriminals diversify and broaden their skill sets to target critical infrastructure, the threat environment becomes increasingly more complicated and forces enterprises to reevaluate their security requirements.

 

“While crypto assaults increased less often in India, ransomware and IoT intrusions have increased significantly overall.

 

According to Debasish Mukherjee, vice president regional sales, APJ, SonicWall, “these increases 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.”

 

The research said that threat actors are focusing on other sources of income as a result of the data suggesting that increasing law enforcement involvement, harsh punishments, and victims’ failure to pay ransom demands have changed criminal behavior.

 

Bob VanKirk, president and chief executive officer of SonicWall, said that “the seemingly never-ending digital assault on businesses, governments, and citizens around the world is intensifying, and the threat landscape continues to expand.”

 

The research said that data showed threat actors to be more opportunistic than ever, attacking educational institutions, state and municipal governments, and retail companies at previously unheard-of rates.

 

Enterprises, cities, airlines, and K–12 schools continued to experience prominent assaults that resulted in significant system outages, monetary losses, and reputational harm, the report stated.

 

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

 

By the end of June, IoT malware had received around 78 million visits globally, a 37% increase. Bad actors seek weak points of entry as possible attack vectors into businesses as connected devices continue to quickly grow.

 

“SonicWall intelligence suggests that bad actors are pivoting to lower-cost, less risky attack methods with potentially high returns, like cryptojacking,” said Bobby Cornwell, vice president of product security at SonicWall.

 

It also explains why cybercrime is more prevalent in places like Latin America and Asia. In order to minimize risk and increase potential income, hackers look for weak places of entry with the fewest consequences.