The H1 2024 Cybersecurity Trends & Insights report from Perception Point reveals a rapidly evolving cyber threat landscape, marked by an increase in both the sophistication and frequency of attacks. With a 24% rise in attacks per user compared to H1 2023, the report underscores the growing challenges organizations face in protecting their digital environments. We will take an in-depth look at the key findings from the report, offering a detailed analysis of the latest trends, statistics, and the critical need for enhanced cybersecurity measures.
The Surge in Business Email Compromise (BEC) and Vendor Email Compromise (VEC)
Business Email Compromise (BEC) has emerged as one of the most significant threats in the first half of 2024. BEC attacks, where cybercriminals impersonate high-level business figures to deceive employees into transferring funds or revealing confidential information, have grown by 42% year-over-year. These attacks increased from 15% of all email attacks in H1 2023 to 21% in H1 2024. The rise in BEC incidents highlights the effectiveness of social engineering techniques, which exploit human behavior rather than technical vulnerabilities.
Vendor Email Compromise (VEC), a specific type of BEC attack targeting vendor and supply chain communication, has seen an even sharper increase. VEC attacks have surged by 66% over the past year, comprising 2% of all malicious email attacks in H1 2024. These attacks often involve account takeovers, where an attacker gains control of a vendor’s email account to send fraudulent payment instructions or request sensitive information from business partners. The trust-based nature of vendor relationships makes these attacks particularly dangerous, as they can bypass standard security measures.
Phishing: The Dominant Threat Across Multiple Channels
Phishing continues to be the most pervasive cybersecurity threat, especially in email and web-based attacks. In H1 2024, phishing accounted for 75% of all malicious emails, maintaining its position as the top email-based threat. This is consistent with H1 2023, reflecting the ongoing preference of attackers for phishing as a reliable method to deceive users into disclosing sensitive information.
Multi-step phishing, a tactic that uses redirection to evade detection, has become increasingly common. These sophisticated attacks rose by 175% in 2023 and have continued to be a significant threat in 2024. Multi-step phishing often involves sending non-malicious links that later redirect to phishing pages, making these attacks harder to detect and block with traditional security measures.
In web-based threats, phishing was responsible for 89% of all browser-based attacks in H1 2024, up from 83% in H1 2023. These attacks typically involve fake websites or brand impersonations designed to steal personal information from users. The browser remains a critical vector for phishing due to its widespread use in accessing professional tools and services.
Shifting Attack Strategies: The Decline of Malware and Rise of Social Engineering
The report highlights a notable shift in attack strategies, with a decrease in traditional malware attacks and an increase in social engineering tactics like BEC and VEC. Malware-related email threats dropped to 4% of all email attacks in H1 2024, down from 11% in H1 2023. This decline suggests that attackers are increasingly focusing on exploiting human vulnerabilities rather than deploying malicious software.
In the context of Microsoft 365 applications, malware accounted for 68% of attacks in H1 2024, up from 64% in H1 2023. Advanced attacks remained steady at 22%, while phishing attacks decreased to 10%, down from 14% in the previous year. This indicates that while malware is still a significant concern in cloud environments, there is a growing emphasis on targeted, sophisticated attacks that exploit specific vulnerabilities within collaboration platforms.
Cloud Collaboration Tools: A Growing Target for Cybercriminals
As organizations increasingly rely on cloud-based applications, these platforms have become prime targets for cyberattacks. Microsoft 365, Salesforce, and Zendesk have all experienced a rise in attack activity in H1 2024. Malware was the most common threat to Microsoft 365 apps, comprising 68% of all incidents, an increase from 64% in H1 2023. Advanced attacks remained at 22%, while phishing decreased to 10%.
Salesforce, a crucial tool for managing customer relationships, saw phishing attacks rise to 65% of all incidents in H1 2024, up from 53% in the previous year. Malware accounted for 31% of attacks, a decrease from 42% in H1 2023, while advanced attacks slightly decreased to 4%. These trends highlight the evolving tactics of attackers who are focusing on exploiting cloud collaboration tools that are often less fortified than traditional IT infrastructure.
Zendesk, a widely used customer support platform, also saw significant increases in phishing attacks, which made up 66% of threats in H1 2024, up from 40% in H1 2023. Malware attacks decreased to 26% from 43% the previous year, while advanced attacks dropped to 7% from 17%. The report emphasizes the need for enhanced security measures to protect these platforms, as they represent critical points of interaction between organizations and their customers.
The Role of Advanced Detection Technologies
Perception Point’s report also highlights the importance of advanced detection technologies in mitigating these evolving threats. The company’s AI-powered threat prevention platform, which includes tools like the Recursive Unpacker and the HAP™ (Hybrid Analysis Pipeline), plays a crucial role in identifying and neutralizing sophisticated email and web-based attacks. The Recursive Unpacker, for instance, is capable of dissecting deeply embedded links and files to uncover hidden threats, while the HAP™ intercepts and neutralizes unknown threats at the exploit stage, particularly in zero-day scenarios.
For example, in one case, an attacker attempted to compromise a system by sending a quote request with an attached file that appeared legitimate. However, Perception Point’s technology was able to decrypt the file, revealing a hidden URL that led to a Trojan malware. This level of deep analysis is essential for detecting and preventing the most sophisticated cyber threats before they can cause harm.
Looking Forward: Predictions for H2 2024
As we move into the second half of 2024, phishing is expected to remain the most significant threat, likely making up around three-quarters of all cyberattacks. This sustained prevalence underscores the need for robust phishing detection and prevention mechanisms. The report predicts that BEC and VEC attacks will continue to increase, gradually replacing traditional malware as the primary method for cybercriminals to breach organizations. These attacks, which exploit human behavior, are expected to pose a growing challenge to businesses globally.
While advanced attacks are expected to remain a small percentage of overall incidents, their potential for significant damage makes them extremely dangerous. These sophisticated attacks often target high-value assets and critical infrastructure, requiring organizations to adopt advanced detection and response strategies to protect against these threats.
Conclusion
The H1 2024 Cybersecurity Trends & Insights report offers a comprehensive overview of the current cyber threat landscape, revealing significant increases in both the frequency and sophistication of attacks. With the rise of social engineering tactics like BEC and VEC, and the continued dominance of phishing, organizations must adapt their cybersecurity strategies to address these evolving challenges. As cloud-based tools and collaboration platforms become more integral to business operations, the need for robust, multi-layered security solutions is more critical than ever. The insights from this report highlight the urgency of enhancing defenses to protect against the diverse and increasingly complex threats facing today’s digital environments.
