Tuesday, July 16, 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.

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Divya is a Senior Journalist at GBhackers covering Cyber Attacks, Threats, Breaches, Vulnerabilities and other happenings in the cyber world.

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