India Saw 97% YoY Increase In Number Of Cyber Extortion Victims, Orange Cyberdefense Finds

Cyber extortion, or ransomware attacks, witnessed a record high in 2023, with a 46 per cent increase in victims globally.

Geographically, large English-speaking economies, led by the United States (53 per cent), the United Kingdom (6 per cent), and Canada (5 per cent), continued to report the highest number of victims.

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Orange Cyberdefense's annual security research report, the Security Navigator 2024, discloses a staggering surge in cyber extortion victims, marking a 46 per cent increase worldwide in 2023. The Security Navigator 2024 report, drawing insights from diverse sources and meticulously analysing data against the backdrop of geopolitical, economic, and social factors, portrays a nuanced view of the cybersecurity landscape. With global uncertainties on the rise, understanding the threat landscape becomes imperative for organisations to mitigate risks effectively. As per the report, India has seen an alarming rise in the number of cyber extortion incidents year-on-year (YoY) in 2023 when compared to the previous year.

Security Navigator 2024 highlights a 30 per cent increase in events processed by Threat Detection teams, totalling 129,395, of which 19 per cent are confirmed security incidents, with 'Hacking' maintaining a dominant position at 30.32 per cent, followed by 'Misuse' (16.61 per cent) and 'Malware' (12.98 per cent).

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Despite the rise in event volume, confirmed incidents decreased by 14 per cent year-over-year, with the Manufacturing sector contributing significantly (32.43 per cent), followed by Retail Trade (21.73 per cent) and Professional, Scientific, and Technological Services (9.84 per cent).

Notably, the report underscores a shift in cyber threats, with threat actors increasingly motivated by political or ideological agendas, intertwining espionage, sabotage, disinformation, and extortion. Cyber extortion, or ransomware attacks, witnessed a record high in 2023, with a 46 per cent increase in victims globally.

The majority of cyber extortion attacks targeted large enterprises (40 per cent), while organisations with over 10,000 employees experienced a steady rise. Notably, the report identifies the threat actor "Cl0p" as a significant contributor, exploiting two major vulnerabilities in 2023. Small organisations accounted for 25 per cent of victims, with medium-sized businesses comprising 23 per cent.

Geographically, large English-speaking economies, led by the United States (53 per cent), the United Kingdom (6 per cent), and Canada (5 per cent), continued to report the highest number of victims. However, a notable shift in distribution is observed, with significant year-over-year increases in India (+97 per cent), Oceania (+73 per cent), and Africa (+70 per cent).

The report highlights a convergence of physical and cyber battlefields, particularly in hacktivism. Hacktivist attacks, driven by political motives, experienced a surge, notably in support or opposition to the war against Ukraine. Europe bore the brunt of hacktivist attacks (85 per cent), followed by North America (7 per cent) and the Middle East (3 per cent).

As hacktivism evolves towards 'cognitive' attacks, influencing societal perception through technical activity, the report emphasises the prevalence of Distributed-Denial-of-Service (DDoS) attacks among hacktivist groups.

In terms of cybersecurity incidents, 'Hacking' retained its top spot, comprising almost a third of detected incidents (30.32 per cent), followed by 'Misuse' (16.61 per cent) and 'Malware' (12.98 per cent). The data reveals that 37.45 per cent of incidents originated from internal actors, with end-user devices (27.7 per cent) and servers (27.34 per cent) most impacted.

The report concludes with insights into the efficiency of mature clients, emphasising a fourfold increase in detection efficiency compared to new clients. Orange Cyberdefense CEO, Hugues Foulon, highlights the challenging environment, with teams working tirelessly to address the rising incidents. Foulon emphasises the commitment to awareness and support in the face of an interconnected world, adapting to new technologies, and staying vigilant against emerging threats.