Cyber Threats Grow in Scale and Sophistication: SonicWall Report Highlights Key Security Trends

The cyber threat landscape continues to expand in complexity as threat actors diversify their tactics, according to the 2024 SonicWall Annual Cyber Threat Report.

Overall attack volume climbed 20% in 2023 to over 1 billion attempts globally. In addition, new research shows increases in attacks like ransomware, cryptojacking, IoT exploitation and encrypted threats.

TLDR

• Cyberattack attempts increased by 20% in 2023 compared to 2022
• Ransomware attacks intensified in the second half of 2023, peaking at a 37% increase over the summer months
• Cryptojacking attacks spiked globally by 659%
• Attacks targeting IoT devices and using encrypted threats rose 15% and 117% respectively
• SonicWall discovered nearly 300,000 never-before-seen malware variants in 2023, averaging 805 new variants per day

While ransomware attack numbers declined 36% year-over-year, threat levels spiked starting in the summer months. From June-August, ransomware attempts rose 37% compared to the summer prior. Ransomware’s persistence as a top threat underscores the need for businesses to continually reevaluate and strengthen their security strategies.

One trend that exploded onto the scene this year was cryptojacking. This method allows cybercriminals to hijack a computer or network to mine cryptocurrency. Global cryptojacking volume jumped an astonishing 659% annually. For attackers, it represents a quieter, more covert avenue for profit.

In addition to ransomware and cryptojacking growth, the report tracked increases in other attack types:

• IoT Exploitation – with billions more connected devices projected in coming years, IoT attacks climbed 15% as hackers targeted these expansion points into networks.
• Encrypted Threats – using encryption helps threat actors hide malicious code. Encrypted threats accelerated 117% globally.

These trends demonstrate the flexibility of hackers in developing new techniques and penetration points. As security teams shore up weaknesses in one area, attackers simply probe for deficiencies elsewhere. This ever-changing threat landscape keeps IT and security departments on high alert.

SonicWall’s advanced threat detection technologies identified 293,989 never-before-seen malware variants last year, which equates to over 800 new threats per day. The continual emergence of new malware and ransomware strains makes threat detection and mitigation a nonstop challenge.

Facing relentless threats from expanding attack surfaces, resource-constrained IT teams are increasingly turning to managed security service providers (MSSPs).

These services offer a critical added layer of protection and alleviate pressure on in-house staff. MSSPs provide security monitoring, alerting, remediation and reporting among other services.

Their solutions address security gaps at a time when cyber risks are accelerating in both likelihood and impact.

With attack complexity rising, businesses should strongly consider partnering with MSSPs for robust, 24/7 threat detection and response capabilities.