Q2 2024 Cybersecurity Trends: Rising Threats from Ransomware, Social Engineering and Identity Theft

In today’s digital age, where cybersecurity concerns touch every aspect of our lives — from personal privacy to global business operations — staying informed is crucial. As cyberthreats continue to evolve and cyberattacks persist, our analysis of the second quarter reveals key trends, insights and strategies to protect yourself and your organization.

The Cyberthreat Landscape: What We Saw April - June 2024

If you’re wondering how many cyberattacks are happening daily, here’s the sobering truth: our family of brands blocks over a billion cyberattacks every single month. Yes, a billion. The overwhelming majority (90%) of these attacks come from social engineering, which targets human psychology rather than technical systems. The goal? Trick you into making mistakes that lead to data breaches. Even though the overall number of attacks slightly declined from April to June, cybercriminals are evolving faster than ever. Total threats were 46% higher than in 2023, and it’s clear that no one can afford to lower their guard.

Social Engineering Attacks: How Scammers Trick You

When it comes to cybersecurity threats, social engineering is public enemy number one. More than 90% of all cyberthreats in 2024 so far were driven by this method. Scammers prey on human nature, getting users to click on malicious links, share passwords or download malware. The most important line of defense? User education and cyber awareness training to recognize and avoid these traps before it’s too late.

Web Browsing: The Riskiest Time Online

Ever wondered when you’re most vulnerable to cyberattacks? The answer is simple: while browsing the web. A staggering 95% of attacks occur while you’re online, making real-time threat protection a must-have. Although there was a small dip in threats from April to June, it’s no cause for celebration. The landscape is still dangerous, with scammers constantly adapting their methods to catch you off guard.

Fake Antivirus Scams: Back and More Dangerous Than Ever

You may think you’re too savvy to fall for a fake antivirus scam but think again. These scams are making a comeback, and they’re more convincing than ever. Scammers bypass typical security warnings to push fake virus alerts, tricking users into buying fake security software to ‘fix’ non-existent problems. Cybercriminals are banking on increased anxiety around cybersecurity threats, and they’re capitalizing on it.

What Scams You Should Look Out For? 

Scammers are diversifying their attacks, targeting everyday people through multiple fronts. Some of the most common types of scams in Q2 2024 included:

• Job Scams: Promising lucrative part-time jobs or quick investments that sound too good to be true. These scams often lead to stolen money or personal information.
• Online Dating Scams: Fraudsters create fake online profiles, build relationships with their victims, then ask for financial support or personal data.
• Event-Related Scams: With big events like elections and concerts, scammers create fraudulent donation campaigns or phishing websites to steal your money and information.

The Rise of Identity Theft in 2024

If you’re concerned about identity theft, you’re not alone. Threats targeting personal information are on the up and up, particularly through tools like information stealers (e.g., AgentTesla) and mobile banking trojans. These types of malware harvest sensitive data, whether from your desktop or your mobile device and then use it for fraud or theft. 

For 2024 and beyond, protecting your personal information should be a top priority.

Ransomware Attacks Surge in 2024

One of the most talked-about cybersecurity threats in 2024 is the rise in ransomware attacks. These attacks increased by 24% this quarter, with hotspots in the US, UK and India. Ransomware isn’t just about locking up your files anymore — criminals are using it to target businesses, government institutions and even individuals.

We’ve released free decryption tools for ransomware victims (like those targeted by DoNex), and we’re actively working to disrupt the infrastructure behind ransomware attacks. If you’re concerned about ransomware, stay updated with the latest cybersecurity tools and software.

Botnet Crackdown: Major Wins in Q2 2024

One bright spot this quarter was the takedown of several botnets — networks of compromised computers used to launch massive attacks.

• Operation Endgame: Led by Europol, this operation targeted key botnet providers, leading to multiple arrests and significant setbacks for malicious operations. The impact of these botnets represents a big blow to cybercriminal networks.
• U.S. Department of Justice Actions: The DOJ played a pivotal role in dismantling the notorious 911 S5 botnet. Additionally, actions against the DDoSia botnet led to several arrests, further disrupting the operations of these malicious entities.
• Remote Access Trojans (RATs): Operations aimed at combating RATs, such as Hive, have yielded positive results. These efforts have effectively addressed threats that grant unauthorized access to systems, contributing to enhanced overall cybersecurity.

The Future of Cybersecurity: Innovation, Collaboration and Training

Looking ahead, cybersecurity innovation will hinge on two things: advanced technologies like artificial intelligence (AI) and machine learning (ML), and collaboration between cybersecurity experts, policymakers and industry leaders. AI and ML allow us to detect and respond to threats faster, smarter and more efficiently. Combine that with skilled cybersecurity professionals and robust training programs, and we CAN and WILL stay ahead of evolving threats.

A Future-Ready Approach to Cybersecurity

As technology continues to advance, organizations must remain agile and forward-thinking. The second quarter of 2024 has shown us that the fight against cybercrime is relentless. But, at Gen, we’re doubling down on our commitment to protect digital freedom. From social engineering to ransomware, identity theft to botnets, we’re here to help you navigate these challenges and stay safe online. The future of cybersecurity isn’t just about defense; it’s about innovation, growth and creating a safer digital space for all.

Explore more about the latest cybersecurity threats and how you can protect yourself. Read the full threat report here.