BlackBerry Reports 40 Percent Increase in New Malware Used in Cyberattacks

Rhea-AI Summary

BlackBerry's latest Global Threat Intelligence Report reveals a significant rise in cyberattacks, with 3.1 million attacks detected and stopped in Q1 2024. This marks a 40% increase in new malware compared to the previous period, with 5.2 attacks detected per minute. Critical infrastructure sectors, particularly financial services, were heavily targeted. Notably, 82% of attacks were directed at the U.S., with 54% involving previously unseen malware. Commercial enterprises also saw a rise in threats, particularly through social engineering tactics. The report underscores the rapid weaponization of CVEs and highlights the ongoing threat from ransomware groups like LockBit, Hunters International, and 8Base.

Positive

• BlackBerry detected and stopped 3.1 million cyberattacks in Q1 2024.
• 40% increase in the detection of new malware compared to the previous period.
• 36% of all threats targeted commercial enterprises, a 3% increase.

Negative

• 82% of detected cyberattacks targeted the U.S.
• 56% of CVEs reported during this period had a severity score of seven out of ten.

Insights

Cybersecurity Analyst

The latest report from BlackBerry underscores a significant spike in malicious activities, particularly with a 40% increase in novel malware. This sharp rise reveals an adaptive and increasingly sophisticated threat landscape. Malicious actors have noticeably set their sights on critical infrastructure, with 60% of attacks targeting essential sectors like government and healthcare. This points to a growing trend where adversaries aim to disrupt key services and potentially create widespread chaos.

For investors, the implications are twofold. In the short term, BlackBerry’s ability to detect and mitigate these threats can enhance its reputation as a reliable cybersecurity firm, potentially driving client acquisition and retention. Long-term, this sustained increase in attacks will likely fuel demand for advanced cybersecurity solutions, boosting BlackBerry’s growth prospects.

However, it’s important to recognize the challenge: as threats become more sophisticated, the cost and complexity of maintaining effective defensive systems also rise. BlackBerry’s ongoing investment in research and development will be critical to staying ahead of these evolving threats.

Financial Analyst

From a financial perspective, BlackBerry’s report could signal promising results. The company’s capability to stop 3.1 million cyberattacks in just one quarter highlights a robust technology backbone. This performance might attract more enterprise clients worried about cybersecurity, translating into higher revenues. The significant focus on critical sectors like healthcare and finance also implies a stable client base, as these industries typically allocate substantial budgets to cybersecurity.

In terms of stock performance, such positive news around effective threat mitigation can serve as a catalyst for stock price appreciation. It’s important to watch BlackBerry’s upcoming financial results to gauge whether this uptick in cyber threats is translating into increased sales and market share. Investors should also be attentive to BlackBerry’s cost management strategies to ensure that maintaining cutting-edge technology doesn’t erode profit margins.

Market Research Analyst

The increase in novel malware and the targeting of critical infrastructure underscore a growing market need for advanced cybersecurity solutions. BlackBerry’s data, revealing that 82% of cyberattacks targeted the U.S., emphasizes the regional focus where demand for cybersecurity is particularly intense. This geographic concentration also hints at potential market expansion opportunities in other regions as companies and governments globally ramp up their cybersecurity defenses.

Moreover, the report’s findings about the utilization of CVEs and the prevalence of ransomware and infostealers highlight the specific threat vectors that BlackBerry’s solutions must address. Investors should consider how well BlackBerry’s product offerings align with these evolving threats. Additionally, the report’s observation of rising threats in commercial enterprises suggests a diversified client base beyond critical infrastructure, which can provide BlackBerry with a more stable revenue stream across different economic cycles.

5.2 attacks per minute detected between January and March 2024

WATERLOO, ON, June 25, 2024 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today released its latest Global Threat Intelligence Report, revealing that BlackBerry® cybersecurity solutions detected and stopped 3.1 million cyberattacks (37,000 per day) in the first quarter of 2024. Between January and March 2024, BlackBerry detected 630,000 malicious hashes, representing a 40 percent increase from its previous reporting period. Sixty percent of attacks targeting industry were directed at critical infrastructure, including government, healthcare, financial, and communication industries, of which 40 percent targeted the financial sector.

"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, Vice President 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. This report provides a snapshot of where threat actors are looking, how they are operating, and what we can expect in the coming months so defenders can be one step ahead."

Highlights from the latest BlackBerry Global Threat Intelligence Report include:

• The United States Severely Outnumbers the World in Cyberattacks: According to our internal telemetry, 82 percent of cyberattacks targeted the U.S. during this reporting period. Fifty-four percent of those attacks contained unique (new) malware, meaning attacks contained malware that was previously not observed.
• Attacks Based on Novel Malware Increased by 40 Percent Per Minute: BlackBerry observed a 40 percent per-minute increase in novel hashes (unique malware), compared to the previous reporting period. This represents an average of 7,500 unique malware samples per day targeting our customer base, or 5.2 per minute.
• Commercial Enterprise Threats Slowly but Surely Rise: 36 percent of all threats targeted commercial enterprises (including retail, manufacturing, automotive and professional services), a three percent increase from the last reporting period. Yet, this sector saw a 10 percent jump in instances of new malware. Commercial enterprise remains a target for threat actors as they grow more sophisticated, often using social engineering to obtain account credentials and distribute malware.
• CVEs (Common Vulnerabilities and Exposures) are Rapidly Weaponized in All Forms of Malware – Especially Ransomware and Infostealers: CVEs provide a framework for identifying, standardizing and publicizing known security vulnerabilities and exposures. Fifty six percent of the 8,900 CVEs reported during this reporting period were given a severity score of seven out of a possible 10. This represents a three percent increase from the previous reporting period.
• Despite Takedowns, Ransomware Groups Wreak Havoc: Globally, the top three ransomware groups active this period were LockBit, Hunters International, and 8Base.

These threats will continue to be underpinned by a politically charged year globally, with disinformation and deepfake campaigns continuing to be pervasive across social media. Russia's invasion of Ukraine, the continuing conflict in the Middle East, and global elections will be the dominant variables in how threat actors select their targets and methodologies.

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.

Download a copy of BlackBerry's Global Threat Intelligence Report at BlackBerry.com, and register to attend the Global Threat Intelligence Report Deep Dive webinar on Wednesday, June 26th at 11:00 am EDT to discover more.

About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company's software powers over 235M vehicles. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety, and data privacy solutions, and is a leader in the areas of endpoint management, endpoint security, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.

For more information, visit BlackBerry.com and follow @BlackBerry.

Trademarks, including but not limited to BLACKBERRY and EMBLEM Design, are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved. All other trademarks are the property of their respective owners. BlackBerry is not responsible for any third-party products or services.

Media Contacts:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@BlackBerry.com

 

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SOURCE BlackBerry Limited

FAQ

What did BlackBerry's Global Threat Intelligence Report reveal for Q1 2024?

The report revealed that BlackBerry detected and stopped 3.1 million cyberattacks, marking a 40% increase in new malware detections compared to the previous period.

How many cyberattacks did BlackBerry detect per minute in Q1 2024?

BlackBerry detected 5.2 cyberattacks per minute in Q1 2024.

Which sectors were most targeted by cyberattacks according to BlackBerry's report?

Critical infrastructure sectors, particularly financial services, were heavily targeted.

What percentage of the detected cyberattacks in Q1 2024 were directed at the U.S.?

82% of the detected cyberattacks were directed at the U.S.

What is the significance of CVEs in BlackBerry's Q1 2024 Global Threat Intelligence Report?

The report notes a rapid weaponization of CVEs, with 56% of the 8,900 CVEs having a severity score of seven out of ten.

Which ransomware groups were most active in Q1 2024 according to BlackBerry?

The most active ransomware groups were LockBit, Hunters International, and 8Base.