Q3 2024 Ransomware Trends: Key Insights

1. Ransomware attacks in Q3 2024 were marked by a fragmented threat landscape, with smaller actors comprising 44.1% of attacks, while major players like RansomHub (16%) led, highlighting the increasing need for diverse and region-specific cybersecurity strategies.

2. In Q3 2024, ransomware attacks were predominantly focused on North America (60.3%), followed by EMEA (25.9%) and APAC (8.8%), with Latin America (5%) facing the least but potentially increasing threat, indicating a strong focus on developed economies.

3. In Q3 2024, ransomware attacks primarily targeted manufacturing (20.5%), followed by business services (14.9%) and retail (11.6%)

4. Following the takedown of the Qakbot botnet, BlackBasta has adapted its strategy by developing custom malware and using new tools like “SilentNight” and “Cogscan” for rapid ransomware deployment. This shift highlights the group’s increasing complexity and speed in carrying out attacks, moving away from traditional phishing methods.

5. Cybercriminals frequently target small businesses, likely due to their lower investments in cybersecurity.

6. In Q3 2024, ransomware attacks were highly concentrated in the U.S. (54.2%), but smaller and developing countries, represented by the 22% “Other” category, also faced significant threats, underscoring the global and diverse nature of cyber vulnerabilities.