Gen Q3 report reveals alarming rise in global cyber threats

Gen has published its Q3 Threat Report, highlighting significant increases in cybersecurity threats, particularly in ransomware and mobile banking malware incidents.

Ransomware payments have surged to $460 million globally in 2024. This rise has been attributed to several factors, including a 24% increase in ransomware threats recorded in Q2/2024, followed by a 100% increase in the risk ratio and the number of protected users this quarter. An additional vulnerability fuelling these attacks is outdated software, notably Windows 7, which ransomware exploits such as Magniber target.

Similarly, mobile banking threats have escalated, with incidents involving malware rising by 60% and spyware, such as the NGate that targets NFC data for ATM withdrawals, increasing by 166%. The Mandrake spyware, which conceals itself on the PlayStore and steals login credentials, has also been a significant threat. These threats are primarily delivered via malicious SMS messages.

Gen has discovered a flaw in the cryptographic schema of the Mallox ransomware variant affecting victims in 2023 and early 2024. This discovery has led Gen to offer free file recovery for those affected by this particular Mallox variant, as the flaw was corrected around March 2024, making it impossible to decrypt data from later versions.

In addition to the rise in ransomware, the report notes a dramatic 614% increase in "Scam-Yourself Attacks," a new methodology where scammers employ social engineering tactics to trick individuals into installing malware on their devices.

Siggi Stefnisson, Cyber Safety CTO at Gen, remarked, "In July through September, scams continued to dominate the threat landscape, while data-theft abusing malware and ransomware also increased rapidly." He further emphasized the importance of tools like the Norton Genie scam detector to empower individuals against emerging threats.

Specific Scam-Yourself Attack tactics include fake tutorials that use video platforms to deceive users into downloading malware under the guise of providing free software. Other tactics include ClickFix scams, which mislead users into copying malicious commands, and FakeCaptcha schemes that trick individuals into installing harmful scripts.

The Gen report also outlines the increase in data stealing malware, which rose by 39% this quarter, particularly impacting sensitive information like account credentials and browser data. Lumma Stealer, an information stealer, increased its share by 1154% through deceptive means such as fake YouTube tutorials.

To combat ransomware, Gen works with governments globally to offer free decryption tools, such as the Avast Mallox Ransomware Decryptor. Mobile threats remain a particular concern, with Gen enhancing defences against these threats and advising users not to click on unexpected SMS links and to have robust mobile security, such as Avast Mobile Security.

Gen's Norton Genie provides real-time scam defence using AI technologies, adapting swiftly to mimic the evolution of scamming techniques. The telemetry data identifies smishing attempts as the most prevalent, followed by lottery scams and general phishing.