India Ranks Second Globally as a top target for Cyberattacks

Trend Micro Incorporated, global cybersecurity firm, has released its Trend Micro 2024 Midyear Cybersecurity Threat Report, revealing India's increasing vulnerability to cyberattacks.

The report highlights India's alarming status as a prime target for sophisticated cyberattacks, including email attacks, ransomware, and malware, as the nation’s digital infrastructure expands across vital sectors like banking, government, and manufacturing. This situation calls for organizations to bolster their defenses against these evolving threats.

Surge in Ransomware and Malware

India ranks third worldwide in malware detection, contributing 4.7% to total global threats, while Japan and the United States lead in this area. Regionally, India is second in Asia with 9.95% of malware cases and dominates South Asia, responsible for an overwhelming 94.2% of detections. Noteworthy malware families such as CoinMiner, fakeMS, and Mudyupdate pose significant risks to critical sectors.

In terms of ransomware, India ranks tenth globally and sixth in Asia, with 117,200 threats detected in 2024, representing 2.95% of global incidents and 4.97% in Asia. India leads South Asia with 73.8% of ransomware cases, making it a primary target for financially motivated ransomware gangs. Key ransomware families like WCry, Cobra, and GandCrab frequently target crucial industries such as banking, government, and manufacturing.

Rising Email Threats

India faces a notable increase in email-based attacks, ranking second globally after the United States and first in Asia. Out of 1,018 billion email threats worldwide, India accounted for a concerning 8.3%, equating to 84.17 million threats. In South Asia, India is responsible for 92.27% of email-based incidents, emphasizing the urgent need for organizations to enhance their email security measures.

Sharda Tickoo, Country Manager for India & SAARC at Trend Micro, commented on the findings: “As cybercriminals adopt more sophisticated tactics, key sectors in the region are increasingly under threat from ransomware, email attacks, and malware. It is essential to adopt a proactive, unified platform approach to cybersecurity, moving away from fragmented solutions.

Our report offers strategic insights for businesses to fortify their defenses, especially as technologies like generative AI reshape the threat landscape. Now is the time to transition from reactive to proactive cybersecurity, with a focus on comprehensive threat detection and heightened awareness.”

The report also emphasizes that cloud-based apps, services, and assets are at greater risk as cybercriminals exploit exposed credentials and vulnerabilities. The absence of updated endpoint protection on unmanaged devices further heightens these risks. Moreover, cybercriminals are taking advantage of the growing interest in AI technologies by employing tactics such as jailbreaking existing large language models (LLMs) and bundling legitimate AI software with malicious payloads.

Trend Micro urges security leaders to take the following actions to combat these evolving threats:

1. Implement preventive measures against network infiltration and proactively anticipate ransomware attacks that could lead to extortion following data breaches.
2. Shift from isolated security tools to a unified platform approach that seamlessly integrates and enhances overall security posture.
3. Recognize that AI capabilities can streamline operations and bolster security against cybercriminals utilizing the same technologies.
4. Conduct training programs to educate end users on identifying and avoiding risky websites and links, as human error remains a critical vulnerability.
5. Enhance the efficiency of Security Operations Centers (SOCs) by closely monitoring cloud applications as they become integral to daily operations.
6. Collaborate with reliable security vendors that utilize a platform-based approach to ensure resources are secured and continuously monitored for vulnerabilities.