Ransomware Attacks Increase in 2022, Cyberthreats More Evasive

As technology connects more people, it also inadvertently paves the way for cyberattacks and malicious programs to target more internet users. The latest figures ascertain this. Network security group WatchGuard released its Internet Security Report for the first quarter of 2022 today, and it shows the number of ransomware attacks rising by 80%, three times higher than the number of detections, year-over-year. A new threat, in the form of the LAPSUS$ ransomware, has emerged.

To add to this, the volume of endpoint-detected malware increased by 38%. Likewise, the number of malicious domains blocked by Fireboxes, WatchGuard’s firewall, grew by 31%. Verizon’s 2022 Breach Investigations Report echoes these findings, as it found a 13% increase in ransomware breaches. This comes as a wake-up call to big tech companies and cybersecurity firms to intensify their efforts in dealing with these types of cyber threats, especially ransomware.

On the other hand, the existing crop of cybersecurity systems and applications appear to be effective in curbing cyberattacks. The volume of malware attacks in this year’s first quarter dropped by 10.4% and network attacks by 17%, quarter-over-quarter. Google’s transparency report also displays a similar trend, with the number of security warnings issued sharply declining from over 20 million on November 25, 2018, to over 4 million on May 29, 2022.

The declining volume of malware attacks, however, does not mean companies can afford to ease up on their network security initiatives. Recent cybercrime trends show that ransomware and other types of malware appear to be evolving. Many attacks target specific sectors while some malicious programs have gained the ability to bypass basic security measures.

Cyberthreats Are Becoming Smarter

WatchGuard’s report reveals a host of alarming facts and figures that underscore the need for stronger, more comprehensive network security. More than half (57.8%) of today’s malware can evade signature detection. Even though the numbers have been dropping, this is still a high percentage. Thankfully, many of today’s leading cybersecurity platforms can perform multi-engine scanning, which helps in detecting these threats.

Another striking statistic is that 60.1% of malware conceal themselves within encrypted connections. Moreover, 71% of malware from phishing attacks reside in encrypted connections. These facts emphasize the need for security solutions that routinely decrypt connections.

While the United States remains a critical target of cyberattacks, malicious individuals have turned their attention to other world regions that are more vulnerable. The statistics show that 57% of malware attacks occurred in Europe, Africa, and the Middle East. Furthermore, there seems to be a pattern to these attacks. 88% of all malware detections come from scripts, of which Powershell accounts for over 99%. This lends credence to the ability of some malware to evade script detection.

Office files are hotspots for cyberattacks. Many of the top malware variants are transmitted through tainted documents and spreadsheets, which highlights the need for routine document scanning.

Google also warns mobile users of a new threat called Hermit spyware, which allegedly spreads through certain internet service providers (ISPs). The ISPs in question purportedly switch off connections and then send text messages that force users to download a malicious app. Additionally, this online threat can moonlight as a mobile app or carrier.

Fortunately, many cybersecurity firms have largely been able to keep up with the efforts of online attackers. Many constantly update their apps to target the latest threats. Businesses are also advised to actively strengthen their network’s defenses. After all, there will often be certain types of malware that can slip through the cracks.