Sunday, April 14, 2024

Huge Surge in Ransomware-as-a-Service Attacks targeting Middle East & Africa

The Middle East and Africa (MEA) region has witnessed a surge in ransomware-as-a-service (RaaS) attacks, posing a grave threat to digital security.

This comprehensive report delves into the key findings, attack trends, the impact on businesses, and the crucial preventive measures that must be adopted to combat this escalating cyber threat.

The digital transformation journey of the MEA region, while opening new avenues for growth, has also exposed it to sophisticated cyber threats.

Among these, ransomware attacks have emerged as a formidable challenge, with a notable increase in incidents orchestrated through the RaaS model.

Data Leaks in the middle east & Africa
Data Leaks in the Middle East & Africa

This phenomenon not only jeopardizes the security of critical data but also undermines the economic stability of the affected regions.

Technical Analysis

The Gulf Cooperation Council (GCC) countries, South Africa, and Turkey have been identified as the hotspots for these cyber assaults.

The report also highlights the proliferation of information stealers, with over 1.2 million infected devices across MEA, underscoring the extensive reach of cybercriminal networks.

LockBit, BlackCat (ALPHV), and Arvin Club have been pinpointed as the most active ransomware gangs in the region, with LockBit accounting for 38% of the attacks.

Ransom attacks
Ransom attacks

Recent research by Group-IB highlights a staggering 68% increase in ransomware attacks across the MEA region, with the financial services and real estate sectors being the primary targets.

This surge in ransomware incidents is attributed to the RaaS model, which has democratized access to sophisticated cyberattack tools, enabling even low-skilled criminals to launch devastating attacks.

The RaaS model has significantly lowered the barrier to entry for cybercriminals, leading to a diversification of targets and an increase in attack frequency.

Financial services, real estate, and manufacturing sectors have borne the brunt of these attacks, with a notable rise in data leaks and compromised corporate networks.

The involvement of Initial Access Brokers (IABs) in selling access to these networks on the dark web further complicates the threat landscape, making it imperative for businesses to bolster their cybersecurity defenses.

You can block malware, including Trojans, ransomware, spyware, rootkits, worms, and zero-day exploits, with Perimeter81 malware protection. All are incredibly harmful, can wreak havoc, and damage your network.

Stay updated on Cybersecurity news, Whitepapers, and Infographics. Follow us on LinkedIn & Twitter

Website

Latest articles

Alert! Palo Alto RCE Zero-day Vulnerability Actively Exploited in the Wild

In a recent security bulletin, Palo Alto Networks disclosed a critical vulnerability in its...

6-year-old Lighttpd Flaw Impacts Intel And Lenovo Servers

The software supply chain is filled with various challenges, such as untracked security vulnerabilities...

Hackers Employ Deepfake Technology To Impersonate as LastPass CEO

A LastPass employee recently became the target of an attempted fraud involving sophisticated audio...

Sisence Data Breach, CISA Urges To Reset Login Credentials

In response to a recent data breach at Sisense, a provider of data analytics...

DuckDuckGo Launches Privacy Pro: 3-in-1 service With VPN

DuckDuckGo has launched Privacy Pro, a new subscription service that promises to enhance user...

Cyber Attack Surge by 28%:Education Sector at High Risk

In Q1 2024, Check Point Research (CPR) witnessed a notable increase in the average...

Midnight Blizzard’s Microsoft Corporate Email Hack Threatens Federal Agencies: CISA Warns

The Cybersecurity and Infrastructure Security Agency (CISA) has issued an emergency directive concerning a...
Divya
Divya
Divya is a Senior Journalist at GBhackers covering Cyber Attacks, Threats, Breaches, Vulnerabilities and other happenings in the cyber world.

Top 3 SME Attack Vectors

Securing the Top 3 SME Attack Vectors

Cybercriminals are laying siege to small-to-medium enterprises (SMEs) across sectors. 73% of SMEs know they were breached in 2023. The real rate could be closer to 100%.

  • Stolen credentials
  • Phishing
  • Exploitation of vulnerabilities

Related Articles