Hacking Groups are Now Increasingly in it for the Money, Not the Chaos
In a stark shift from their past motivations, hacking groups have turned increasingly financially motivated, with over half (55%) of threat groups active in 2024 looking to extort or steal money from their victims. This surge in financial cybercrime is not only affecting individuals but also businesses and organizations across various industries.
New research from Mandiant has revealed that ransomware-related incidents represented 21% of all intrusions in 2024, making up almost two-thirds of incidents involving monetization techniques. This is a significant increase from previous years, highlighting the growing threat of financial cybercrime.
The Rise of Financially Motivated Attacks
Exploits were once again the most popular initial infection vector at 33%, followed by stolen credentials (16%), phishing (14%), web compromises (9%), and prior compromises (8%). This data suggests that phishing attacks and stolen credentials have surged in popularity, with financially motivated actors using these tactics to target victims.
According to Mandiant's Managing Director Stuart McKenzie, "Financially motivated attacks are still the leading category." He notes that while ransomware, data theft, and multifaceted extortion are significant global cybercrime concerns, the rise of infostealer malware and the exploitation of Web3 technologies, including cryptocurrencies, are also becoming increasingly prevalent.
Targeted Industries
The fact that so many industries are targeted by financially motivated attacks illustrates that no one is safe from state-sponsored attacks, whether these are financially or politically motivated. Finance was the most commonly targeted industry, with just over 17% of attacks hitting the sector. Close behind are business and professional services (11%), as well as critical industries like high tech (10%), Governments (10%), and Healthcare (9%).
The Increasing Sophistication of Attacks
The increasing sophistication and automation offered by artificial intelligence are further exacerbating these threats by enabling more targeted, evasive, and widespread attacks. Organizations need to proactively gather insights to stay ahead of these trends and implement processes and tools to continuously collect and analyze threat intelligence from diverse sources.
Protecting Yourself
With the rise of financially motivated attacks, it is essential to take proactive steps to protect yourself and your organization. Consider Keeper Personal for just $1.67/month, Keeper Family for just $3.54/month, and Keeper Business for just $7/month. These password management tools can help you generate and store strong passwords, ensuring that you never have to remember them again.
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About the Author
This article was written by Ellen, a junior writer at TechRadar Pro. With almost four years of experience in writing, she has focused on post-COVID policy whilst studying for BA Politics and International Relations at the University of Cardiff, followed by an MA in Political Communication. Before joining TechRadar Pro, she worked for Future Publishing's MVC content team, working with merchants and retailers to upload content.