Check Point’s 2024 ransomware report reveals India accounts for more than half of global ransomware activity

In 2024, the ransomware landscape recorded 5,414 published attacks on organisations worldwide, representing an 11% increase compared to 2023. While the year began with a decline in ransomware activity during Q1, the frequency of attacks surged in Q2 and continued to rise through the remainder of the year. This culminated in a dramatic spike during Q4, which saw 1,827 incidents—33% of all ransomware attacks for the year—making it the most active quarter.

This can mostly be attributed to many new groups forming from the breakup of certain veteran groups detailed below. This led to many experienced affiliates forming professional new groups leading to a spike in attacks.

This year law enforcement actions targeting large ransomware operations like LockBit in February 2024, resulted in arrests, identity revelations of group leaders, and the seizure of cybercriminal infrastructure.

Active Group Surge

The crackdown on major ransomware groups led to their fragmentation, fostering increased competition among smaller ransomware gangs and enabling other threat actors to gain prominence. This shift is evident in the rise of 95 active ransomware groups in 2024, a 40% increase from the 68 groups active in 2023.

Among the 46 new groups that emerged, RansomHub stood out as a dominant force, even surpassing the well-established LockBit in activity. These new entrants, such as FOG, Lynx, APT73, and Eldorado, have reshaped the threat landscape, accounting for a growing share of ransomware incidents. Notably, the top 10 groups were responsible for 52.8% of attacks, highlighting both the influence of newcomers and a decline in the dominance of legacy groups.

Unsurprisingly, the U.S. remained the most targeted country, with 936 ransomware attacks within its borders. For the fourth quarter, India recorded 44 ransomware attacks, reflecting its growing vulnerability to such cyberattacks.

The combination of established leaders like RansomHub, LockBit, Play, Akira, IncRansom, and Medusa, alongside the rise of new groups, had devastating consequences for global organisations, seeing financial losses and disrupted operations.

With regards to sectoral targets, the business services sector continued to bear the brunt of ransomware attacks, mirroring trends from 2023, suffering 451 recorded attacks, followed by Retail and then Manufacturing, which saw a significant increase in ransomware activity over the last three months of the year with 201 incidents in Q4, a heightened focus on this industry by ransomware operators. The construction industry should be a growing concern, as ransomware incidents increased by 50% 2024 versus 2023. This surge jumped the construction industry to fourth place, overtaking the Financial, Education, and Healthcare sectors, that ranked higher in 2023.

Driving forces behind the increase

1. Ransomware-as-a-Service (RaaS): This business model has democratised ransomware, enabling even novice threat actors to launch sophisticated attacks. Groups like RansomHub, which emerged as a dominant player with 531 attacks, exemplify the power of this model.
2. Fragmentation: The takedown of major players spurred smaller, agile groups to fill the void, driving increased competition and innovation.
3. Evolving Tactics: Threat actors are increasingly targeting Linux and VMware ESXi systems, recognising their critical role in enterprise environments. Additionally, they are exploiting cloud-based tools for data theft and leveraging AI to enhance attack efficacy.

With these rising ransomware attacks, it is imperative that organisations must adopt a proactive, multi-layered approach to cyber security, including :

1. Comprehensive threat detection: Deploy solutions that offer real-time visibility into network activity and identify emerging threats.
2. Patch management: Regularly update systems to address known vulnerabilities, particularly in Linux and VMware environments.
3. Education and training: Equip employees with the knowledge to recognise phishing attempts and other common attack vectors.
4. Collaborative defense: Work with industry peers and law enforcement to share intelligence and strengthen collective defenses.