Cyber report reveals record 5,263 ransomware attacks

The annual threat monitor report from NCC Group for 2024 has documented a record number of ransomware attacks, totalling 5,263 incidents.

The report highlights a challenging year in cyber security, with targeted attacks on Critical National Infrastructure (CNI) underscoring the vulnerability of sectors crucial to the global economy.

NCC Group's data reveals that LockBit was responsible for 526 attacks, making it the top threat actor for the year despite its takedown earlier in 2024. RansomHub emerged as a significant threat in the latter half of the year, accounting for 501 attacks.

Matt Hull, Global Head of Threat Intelligence at NCC Group, stated, "The cyber security landscape in 2024 presented unprecedented challenges. The scale and complexity of cyber incidents tested the resilience of businesses and institutions globally. Looking ahead, these challenges are set to escalate as cyber criminals and nation-state actors increasingly exploit the growing integration of technology into all aspects of life."

The report further notes that 79% of attacks occurred in North America and Europe, with North America alone experiencing 55% of all global attacks. An increase was also observed in regions such as Asia, South America, and Oceania, with geopolitical tensions and high payouts from ransomware attacks being potential contributing factors.

The industrial sector was hit hardest, bearing the brunt of 27% of attacks, marking a 15% increase over the previous year. This surge resulted in significant disruptions, affecting services and infrastructure.

International efforts have been made to curb these threats through operations such as Cronos, Magnus, Destabilise, and Serengeti. However, the swift reemergence of groups like LockBit, which resumed activities only five days after being taken down, signals the need for more robust preventative measures from governments and law enforcement agencies.

Hull also warned of key concerns going forward, including third-party compromises, cloud vulnerabilities, and insecure APIs. He also noted the rapid advances in artificial intelligence, which are giving rise to new cybercriminal tactics alongside the geopolitical dimension of cyber security, intensifying risks to critical infrastructure.

Hull pointed out, "Key concerns such as third-party compromises, cloud vulnerabilities, and insecure APIs remain critical. We also can't ignore the rapid advances in artificial intelligence (AI) that are giving rise to new cybercriminal tactics. And the geopolitical dimension of cyber security adds to the ever-changing threat landscape, with nation-states posing significant risks to critical infrastructure."

In concluding his remarks, Hull emphasised the importance of vigilance: "In the face of these challenges, businesses, governments, and individuals must stay vigilant and proactive. By understanding the risks and acting today, we can collectively work towards a more secure digital future."