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In 2024, cyber-criminals have launched attacks within 48 hours of discovering a vulnerability, with 61% of hackers using new exploit code in this short timeframe.
Companies faced an average of 68 days of critical cyber-attacks, while ransomware remained the most significant threat. The healthcare industry was particularly affected, with ransomware responsible for 95% of all breaches and impacting more than 198 million US patients.
These figures come from SonicWall’s Annual Cyber Threat Report, which also suggested that attackers are leveraging AI-driven automation and advanced evasion techniques, making it increasingly difficult for SMBs to defend themselves.
Read more on cybersecurity best practices: Demystifying Cyber Resilience: From Best Practice to Execution
Key Cyber Threat Trends
These were some of the key cyber threat identified by SonicWall in 2024:
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Ransomware Surge: North America saw an 8% rise, while Latin America experienced a 259% spike
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IoT Attacks: Increased 124% year-over-year, with hackers targeting unprotected devices
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Business Email Compromise (BEC): Accounted for 33% of reported cyber insurance events, up from 9% in 2023
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Malware Variants: SonicWall identified 210,258 never-before-seen malware variants, averaging 637 new threats daily
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Living Off the Land Binaries (LOLBins): Attackers increasingly use native system tools to evade detection
AI-enabled and File-based Attacks
According to the report, AI-driven tools are making cyber-attacks more accessible and complex. Server-side request forgery (SSRF) attacks rose by 452% as AI enhances obfuscation techniques and automates exploit chaining.
Business Email Compromise (BEC) attacks are also evolving, with generative AI enabling cybercriminals to craft highly convincing phishing emails.
File-based attacks, particularly involving malicious PDFs and HTML phishing files, also experienced a significant increase.
According to SonicWall data, 38% of detected malicious files were HTML-based, while PDFs followed closely at 22%.
Strengthening Cyber Defenses
To counter these threats, businesses must adopt a multi-layered cybersecurity strategy.
Key recommendations from SonicWall include:
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Real-Time Patch Management: Apply security patches within 48 hours of disclosure
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Zero Trust Security Models: Restrict access and validate all network traffic
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24/7 Threat Monitoring: Partner with MSSPs for continuous security oversight
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Enhanced Ransomware Defenses: Implement network segmentation and endpoint detection & response (EDR)
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IoT Security: Secure connected devices by changing default credentials and updating firmware
With cyber-criminals accelerating their tactics, SMBs must act promptly to strengthen their defenses and mitigate financial and reputational damage.
