Over 26 million cyber threats targeted Indian companies in Q3 2018: Seqrite!

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Information technology (IT) and IT-enabled services (ITeS) companies faced the most number of threats, with over 40 per cent of the threats targeting the industry, according to the ‘Seqrite Quarterly Threat Report Q3 2018’.

Enterprise cyber security provider Seqrite has revealed in its Quarterly Threat Report for Q3 2018 that more than 26 million threats targeted Indian enterprises during the third quarter (July to September) – translating to a per day detection rate of over 280,000 threats.

Seqrite is the enterprise arm of Quick Heal Technologies, a cybersecurity solutions provider from India. “Growing interconnectivity has demolished traditional security perimeters. Every endpoint, every node, every device connected to enterprise networks has become a point of entry for attackers looking to steal invaluable information and disrupt business operations,” said Sanjay Katkar, Joint Managing Director and Chief Technology Officer, Quick Heal.

Another interesting trend mapped in the Seqrite Quarterly Threat Report Q3 2018 was the distribution of attacks across different industries. IT/ITES companies faced the most number of threats, with over 40% of the threats targeting the industry. Other key sectors such as manufacturing (17.88%), education (12.56%), and hospitality (9.17%) were also deemed to be at risk.

According to the report, Ransomware, Exploits, PUA & Adware, Infectors, and worms remained popular attack methods for cybercriminals, but what was interesting to note was the growing threat posed by cryptojacking (hijacking an internet enabled device to run cryptocurrency mining software in the background). Seqrite detected over 24,000 cryptojacking hits on a daily basis during Q3 2018, underlining the growing popularity of this relatively new threat. Reports by other security solutions providers like Symantec have also noted the increasing prevalence of cryptojacking instances over the past year in India.

The World Economic Forum rates cybersecurity threats and attacks as third most likely risk to impact the world today. The scale of the threat is expanding drastically, and by 2021, the global cost of cybersecurity breaches is expected to reach $6 trillion, double the total for 2015. Industry experts predict that Industry 4.0 (adoption of new tech like the internet of things, artificial intelligence etc. across businesses)can be the catalyst of changes in different fields like governance, management and administration of smart cities and other applications which are driving the vision of Digital India, said a recent study by EY.

“Mapping these trends has really helped us in gaining a better understanding of the tactics and modalities adopted by threat actors while targeting Indian businesses,” he added.

Seqrite detected over 24,000 cryptojacking hits on a daily basis during Q3 2018.

Cryptojacking attacks — a form of cyber-attack in which hackers hijack the infected system’s processing power to mine cryptocurrency — remain undetected for a long time and can often be used as a platform to launch other complex attacks.