Barracuda Networks: Ransomware threats to quadruple by 2024

The number of ransomware threats quadrupled in 2024, showing how cybercriminals are taking advantage of Ransomware-as-a-Service (RaaS)This is evident from a new report from Barracuda Networks.

During the year registered Barracuda's AI-powered security platform XDR a whopping 11 trillion IT events – equivalent to approximately 350,000 per second. Among these, one million potential risks were identified, including thousands of serious incidents that required immediate action.

Analyst at Barracuda Security Operations Center has reviewed the extensive data set to map the most common methods used by cybercriminals to infiltrate and sabotage businesses worldwide.

Results from the study in brief:

• Ransomware threats quadrupled in 2024 As RaaS platforms became more prevalent, attackers exploited unprotected devices and vulnerable access points to prepare and execute attacks.
• Deficiencies in authentication and password management are a couple of the main security risks. Cybercriminals targeted Weak passwords, inadequate multi-factor authentication, and lack of social engineering skills were also common targets. Substandard VPN solutions and poorly managed remote access protocols were also common targets.
• Email attacks via Phishing-as-a-Service (PhaaS) increased sharply and was the fifth most common threat category. Phishing attacks have become more sophisticated, putting even experienced users at risk of being scammed.

– The rise of as-a-service platforms makes cyberattacks more sophisticated, flexible and harder to detect. The developers behind these platforms have the time, resources and expertise to invest in advanced tools and methods. Therefore, organizations need a broad and deep security strategy to strengthen their protection and resilience, says Eric Russo, Director, SOC Defensive Security on Barracuda Networks.

“Attackers adapt at lightning speed”
Barracuda Networks Security expert Klas Palmér sees a clear trend where threat actors are constantly developing their methods:

– Threats are evolving rapidly – and security must evolve at the same pace. Organizations therefore need to invest in AI-powered monitoring and proactive security solutions which can automatically identify and neutralize threats in real time.