Cyberattacks on the rise with financial sector a top target, report reveals

Financial sector firms cannot afford to be anything less than diligent and robust in their cybersecurity efforts, as highlighted by a new report from the firm that helps secure U.S. government data.

Blackberry’s cybersecurity solutions detected and stopped 37,000 cyber attacks every day in the first three months of 2024, a total of 3.1 million. Of the 60% of industry attacks aimed critical infrastructure, 40% involved financial firms.

But clients are likely targets too with 36% of all threats targeting commercial enterprises (including retail, manufacturing, automotive and professional services), a 3% increase from the last reporting period.

“Each iteration of this report highlights startling new trends: novel malware is growing with no signs of stopping, and threat actors are highly motivated, be it for financial gain or to create chaos,” said Ismael Valenzuela, VP of Threat Research and Intelligence at BlackBerry. “In a year where over 50 countries are holding elections, geopolitical tensions are at an all-time high, and every nation will soon be fixated on the Olympic Games, the threat landscape can feel overwhelming to navigate.”

The U.S. is far and away the top target for cyberattacks, the report reveals, the target for 82% of the Q1 2024 attacks detected.

With unique malware showing a significant rise in the first quarter of 2024, the importance of up-to-date defense is clear.   

Based on its data analysis, the BlackBerry Threat Intelligence and Research team predicts that threat actors will continue to take extensive measures to carefully target their victims. A rise in new ransomware and infostealers indicates that private data will continue to be highly sought after by threat actors, where sectors like healthcare and financial services will be top targets for attack.