Cyber Attacks on Indian Organizations Surge 46% In Q2 2024: Report Indian organizations must build robust cybersecurity mechanisms to protect their infrastructure. Failure to do so can lead to the loss of large data sets, significant capital, and sensitive credentials, including banking, healthcare, and military data

Indian infrastructures are highly vulnerable to cyberattacks on a large scale. The recent cyberattack on WazirX was a significant shock to the Indian cryptocurrency market, resulting in the loss of more than USD 230 million of users' holdings. Several reports suggest that Indian organizations must build robust cybersecurity mechanisms to protect their infrastructure. Failure to do so can lead to the loss of large data sets, significant capital, and sensitive credentials, including banking, healthcare, and military data.

According to a recent report by Check Point Research, there has been a significant rise in cyberattacks worldwide, with a 30 per cent increase on corporate networks in Q2 2024 compared to Q2 2023, and a 25 per cent increase compared to Q1 2024. On average, organizations face 1,636 attacks per week.

In India, organizations are experiencing a substantial jump in cyberattacks, with a 46 per cent year-over-year growth-dealing with an average of 3,201 attacks per week, the second-highest in the Asia-Pacific region after Taiwan.

In recent years, the education and research industries have become prime targets for cyberattacks, facing an average of 3,341 attacks per week worldwide due to their wealth of data. Weak cybersecurity infrastructures make it easier for malicious attackers to exploit these institutions. Universities, for example, often store vast amounts of personal and research data, making them attractive targets. It has been noticed that these industries use outdated security measures and weak infrastructures that allow hackers from both inside and outside the network to exploit vulnerabilities more easily. In fact, the education and research sectors were the most attacked industries globally, experiencing a 53 per cent increase in attacks in Q2 2024 compared to Q2 2023.

2. Government and military sectors

The government and military sectors were the second most targeted, with an average of 2,084 attacks per week. These sectors have traditionally been highly targeted as state-sponsored malicious groups run cyber espionage campaigns to benefit their countries by stealing confidential information and disrupting critical operations, especially against unfriendly nations. For example, Chinese state-backed hacking group APT31 and North Korea's Lazarus Group are well-known for their cyber espionage activities, among others.

3. Healthcare

Healthcare is the third most attacked sector globally, with an average of 1,999 attacks per week, which is 15 per cent higher than last year. Malicious actors primarily target hospitals because the healthcare sector often lacks adequate cybersecurity resources. Smaller hospitals are particularly vulnerable, as they are underfunded and understaffed to handle sophisticated cyberattacks.

Why Are Cyber Attackers Ahead Two Steps?

Continued digital transformation across industries is fuelling global cyberattacks on an unprecedented scale. The growing sophistication of cybercriminals using advanced techniques like Artificial Intelligence (AI) and machine learning (ML) is also contributing to more advanced attacks.

Particularly, state-sponsored groups are especially resourceful, employing advanced technologies and skilled personnel for large-scale attacks.

Notable examples include the SolarWinds attack by Russia's Nobelium group and the WannaCry ransomware attack by North Korea's Lazarus Group. To mitigate these attacks we need cyberattack awareness among general people and robust cyber security infrastructure across the industries.