Barracuda reports fourfold rise in ransomware threats 2024

Barracuda Networks has released a report indicating a fourfold increase in ransomware threats in 2024, highlighting the impact of Ransomware-as-a-Service (RaaS) platforms.

The analysis, conducted by Barracuda's Security Operations Centre (SOC), involved an extensive examination of 11 trillion IT events to determine prevalent cyber threats that targeted systems globally in the past year. These findings underscore the prevalent cyber challenges that organisations face in their efforts to protect against sophisticated digital attacks.

Ransomware-as-a-Service (RaaS) has been identified as a critical factor behind the surge in ransomware attacks, making it increasingly accessible for cyber criminals to execute such attacks. Barracuda's Managed XDR system detected tools and behaviours indicative of imminent ransomware activities, providing insight into the attackers' methods, including targeting unsecured devices and entry points.

The report also identifies common vulnerabilities present in systems protected by Extended Detection and Response (XDR) solutions. These include insufficient authentication measures, inadequate password policies, and a lack of awareness regarding social engineering. Other vulnerabilities noted are under-protected virtual private networks (VPNs) and the mismanagement of remote desktop protocols, areas frequently exploited by cyber attackers.

Email threats were found to be the fifth most common detection, emphasising the heightened risk posed by Phishing-as-a-Service (PhaaS) platforms. Such platforms facilitate complex and elusive attacks, allowing threat actors to infiltrate user accounts effectively.

Eric Russo, Director, SOC Defensive Security at Barracuda, commented on the evolving nature of cyber threats facilitated by as-a-service platforms.

"The rise of as-a-service platforms is helping to power the growing sophistication, agility, and evasive nature of cyberattacks, from ransomware to phishing," Russo said.

"The developers behind these platforms often have the time, resources, and skills to invest heavily in advanced and evasive toolsets and templates. Organisations need deep, extended security to boost their defences and cyber resilience against such attacks."

Russo further explained the necessity of comprehensive XDR solutions: "A comprehensive XDR solution that integrates network, endpoint, server, cloud, and email security means that every corner of the digital infrastructure is monitored and protected with advanced security measures and a full spectrum of defensive tools, combined with proactive threat hunting and response strategies."

The report also highlights an increase in the speed of cyberattacks. With enhancements in security detection and response technologies, threat actors are accelerating their attacks to evade rapid detection. Data from Barracuda's Managed XDR illustrates how adaptive strategies are essential to counter fast-evolving threats effectively.