Check Point Software Unveils Comprehensive 2024 Security Report, Highlighting Ransomware Surge and AI Defense Innovations

Rhea-AI Summary

Check Point Research (CPR), the Threat Intelligence arm of Check Point Software Technologies Ltd. (NASDAQ: CHKP), released its 2024 Annual Security Report, highlighting the rise in ransomware incidents and the use of AI in cyber security defenses. The report shows a 90% increase in ransomware victims, with 10% of all malware being ransomware. Key findings include the evolution of ransomware tactics, targeting of edge devices, and the escalation of state-supported hacktivism.

Insights

Cybersecurity Expert

The findings from Check Point Research's 2024 Annual Security Report underscore the critical evolution of ransomware and its implications for businesses. The 90% increase in publicly extorted ransomware victims is alarming and suggests that cybersecurity measures must be continually enhanced. The report's focus on the rise of AI-powered defenses highlights the arms race between attackers and defenders, with companies needing to invest in next-generation cybersecurity technologies to protect against sophisticated attacks.

Attacks on edge devices represent a significant vulnerability, as these are often the weakest links in network security. The trend towards targeting these devices necessitates a more holistic approach to security, extending beyond traditional firewalls and antivirus software. This points towards a growing market for cybersecurity solutions that provide comprehensive coverage, which could influence the strategies of security platform providers and the investment community.

Market Analyst

The report from Check Point Software Technologies not only affects the cybersecurity industry but also has broader implications for the stock market. As cyber threats increase in complexity and frequency, there is a clear indication that demand for advanced cybersecurity solutions will rise. This could lead to increased revenues for companies like Check Point and potentially result in a positive impact on their stock performance.

Furthermore, the mention of state-supported hacktivism and geopolitical conflicts adds another layer of complexity. Companies with international operations could face heightened risks, potentially affecting their global supply chains and market stability. Investors might take a keen interest in how companies are mitigating these risks and the potential for increased spending in the cybersecurity sector.

Policy Analyst

From a policy perspective, the 2024 Security Report by Check Point Research has significant implications for national and international cybersecurity regulations. The escalation of state-supported hacktivism and the targeting of high-value edge devices necessitate a reevaluation of current policies and the development of stricter cybersecurity standards. This could lead to increased government spending in the cybersecurity sector, potentially benefiting companies that provide these services.

Moreover, the report serves as a critical resource for policymakers to understand the evolving threat landscape. It could influence the creation of new legislation aimed at strengthening national cyber resilience and encouraging private-public partnerships to combat cyber threats more effectively.

Highpoints from the report include an analysis on the pervasiveness of ransomware and how defenders are fighting back against AI-powered cyber attacks

VIENNA, Austria, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Check Point Research (CPR), the Threat Intelligence arm of Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading AI-powered, cloud-delivered cyber security platform provider, released its much-anticipated 2024 Annual Security Report. This year's edition delves into the increasing complexity of cyber threats, with a special focus on the dramatic rise in ransomware incidents and the strategic use of AI in cyber security defenses.

Reflecting on a year marked by significant cyber turmoil, the report highlights a 90% increase in publicly extorted victims of ransomware attacks. Such ransomware attacks now account for 10% of all malware detected by Check Point’s sensors. The Check Point Incident Response Team (CPIRT) observed that nearly half of their cases involved ransomware, with the number of publicly shamed victims soaring to approximately 5,000, doubling from the previous year.

Key Findings of the 2024 Security Report include:

• Ransomware Evolution: Attackers have refined their strategies, leveraging zero-day vulnerabilities and enhancing Ransomware-as-a-Service (RaaS) with new extortion tactics. High-value targets are increasingly in the crosshairs, demonstrating the need for robust defense mechanisms.
  
  
• Targeting Edge Devices: The report identifies a growing trend in attacks on edge devices, highlighting the critical need for comprehensive security measures that encompass all network elements.
  
  
• Rise in Hacktivism: State-supported hacktivism has escalated, with notable increases in cyber activities tied to geopolitical conflicts. The use of destructive wipers for maximum impact underscores the evolving nature of cyber warfare.
  

Maya Horowitz, VP of Research at Check Point commented, “In an era of relentless innovation in cyber crime and accumulating tensions involving nation-state threat actors and hacktivists globally, organisations must adapt. Investing in stronger defenses with robust AI-powered and cloud-delivered cyber security measures, and proactively fostering collaboration, is key to effectively safeguarding against these evolving dangers.” 

The 2024 Security Report serves as a crucial resource for organizations, policymakers, and cyber security professionals, offering deep insights into attack trends and providing guidance for strengthening cyber resilience. The findings are based on data drawn from the Check Point ThreatCloud AI Cyber-Threat Map which looks at the key tactics cyber criminals are using to carry out their attacks. A full copy of the report is available here.

Follow Check Point via:  
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies   
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Blog: https://blog.checkpoint.com   
YouTube: https://www.youtube.com/user/CPGlobal

About Check Point Research 
Check Point Research provides leading cyber threat intelligence to Check Point Software customers and the greater intelligence community. The research team collects and analyzes global cyber attack data stored on ThreatCloud AI to keep hackers at bay, while ensuring all Check Point products are updated with the latest protections. The research team consists of over 100 analysts and researchers cooperating with other security vendors, law enforcement and various CERTs. 

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Core Services for collaborative security operations and services.

MEDIA CONTACT:	INVESTOR CONTACT:
Emilie Beneitez Lefebvre	Kip E. Meintzer
Check Point Software Technologies	Check Point Software Technologies
press@checkpoint.com	ir@us.checkpoint.com

FAQ

What is the name of the Threat Intelligence arm of Check Point Software Technologies Ltd.?

Check Point Research (CPR)

What is the ticker symbol for Check Point Software Technologies Ltd.?

CHKP

What percentage increase in ransomware victims was observed according to the report?

90% increase

What percentage of all malware detected is ransomware?

10%

Who commented on the need for stronger defenses against cyber threats?

Maya Horowitz, VP of Research at Check Point

What are some key findings of the 2024 Security Report?

Evolution of ransomware tactics, targeting of edge devices, rise in state-supported hacktivism