FortiGuard Labs Reports Tenfold Increase in Ransomware

Rhea-AI Summary

Fortinet (NASDAQ: FTNT) highlights a concerning rise in cyberattacks, revealing a tenfold increase in ransomware incidents in June 2021 compared to the previous year. The FortiGuard Labs Global Threat Landscape Report emphasizes the need for collaboration amongst public and private sectors to combat cybercrime effectively. Organizations are urged to adopt advanced AI-powered defenses and continuous cybersecurity training to mitigate these evolving threats. The report also notes a rise in malvertising and botnet activities, emphasizing the growing sophistication of cybercriminal strategies.

Positive

• Significant collaboration efforts between public/private sectors observed to combat cybercrime.
• Notable disruption of cybercriminal operations, including the takedown of Emotet and TrickBot.
• Increase in awareness and implementation of AI-powered cybersecurity solutions.

Negative

• Ransomware activity increased tenfold year-over-year, affecting critical sectors.
• Rise in malvertising and scareware incidents with over 25% of organizations impacted.
• Detection of botnet activities surged from 35% to 51% in just six months.

Public and Private Sector Actions Are Gaining Momentum in Disrupting Cybercrime Supply Chains

SUNNYVALE, Calif., Aug. 23, 2021 (GLOBE NEWSWIRE) --

Derek Manky, Chief, Security Insights & Global Threat Alliances, FortiGuard Labs
“We are seeing an increase in effective and destructive cyberattacks affecting thousands of organizations in a single incident creating an important inflection point for the war on cybercrime. Now more than ever, everyone has an important role in strengthening the kill chain. Aligning forces through collaboration must be prioritized to disrupt cybercriminal supply chains. Shared data and partnership can enable more effective responses and better predict future techniques to deter adversary efforts. Continued cybersecurity awareness training as well as AI-powered prevention, detection, and response technologies integrated across endpoints, networks, and the cloud remain vital to counter cyber adversaries.”

News Summary:
Fortinet® (NASDAQ: FTNT), a global leader in broad, integrated, and automated cybersecurity solutions, today announced the latest semiannual FortiGuard Labs Global Threat Landscape Report. Threat intelligence from the first half of 2021 demonstrates a significant increase in the volume and sophistication of attacks targeting individuals, organizations, and increasingly critical infrastructure. The expanding attack surface of hybrid workers and learners, in and out of the traditional network, continues to be a target. Timely collaboration and partnership momentum across law enforcement as well as public and private sectors is an opportunity to disrupt the cybercriminal ecosystem going into the second half of 2021. For a detailed view of the report, as well as some important takeaways, read the blog. Highlights of the 1H 2021 report follow:

1) Ransomware Is About Much More Than Just Money: FortiGuard Labs data shows average weekly ransomware activity in June 2021 was more than tenfold higher than levels from one year ago. This demonstrates a consistent and overall steady increase over a year period. Attacks crippled the supply chains of multiple organizations, in particular sectors of critical importance, and impacted daily life, productivity, and commerce more than ever before. Organizations in the telecommunications sector were the most heavily targeted followed by government, managed security service providers, automotive, and manufacturing sectors. In addition, some ransomware operators shifted their strategy away from email-initiated payloads to focusing on gaining and selling initial access into corporate networks further showing the continued evolution of Ransomware-as-a-Service (RaaS) fueling cybercrime. A key takeaway is that ransomware remains a clear and present danger for all organizations regardless of industry or size. Organizations need to take a proactive approach with real-time endpoint protection, detection, and automated response solutions to secure environments along with a zero-trust access approach, network segmentation, and encryption.

To view the accompanying “Growth in ransomware detections over the last 12 months (Jul '20 - Jun '21)” infographic please visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/de6a07b7-487e-4b9c-96a3-89a1625cfd63 

2) One in Four Organizations Detected Malvertising: Ranking the prevalence of top malware detections by malware families shows a rise in deceptive social engineering malvertising and scareware. More than one in four organizations detected malvertising or scareware attempts with Cryxos being a notable family. Although, a large volume of the detections are likely combined with other similar JavaScript campaigns that would be considered malvertising. The hybrid work reality has undoubtedly encouraged this trend in tactics by cybercriminals as they attempt to exploit it, aiming for not just a scare but also extortion. Increased cybersecurity awareness is important as ever to provide timely training and education to help avoid falling victim to scareware and malvertising tactics.

3) Botnet Trends Show Attackers Push to the Edge: Tracking the prevalence of botnet detections showed a surge in activity. At the beginning of the year, 35% of organizations detected botnet activity of one sort or another, and six months later it was 51%. A large bump in TrickBot activity is responsible for the overall spike in botnet activity during June. TrickBot originally emerged on the cybercrime scene as a banking trojan but has since been developed into a sophisticated and multi-stage toolkit supporting a range of illicit activities. Mirai was the most prevalent overall; it overtook Gh0st in early 2020 and has reigned ever since well into 2021. Mirai has continued adding new cyberweapons to its arsenal, but it is likely that Mirai’s dominance at least still partially stems from criminals seeking to exploit Internet-of-Things (IoT) devices used by work-from-home or learning-from-home individuals. Gh0st is also noticeably active, which is a remote access botnet that allows attackers to take full control of the infected system, capture live webcam and microphone feeds, or download files. More than a year into remote work and learning shifts, cyber adversaries continue to target our evolving daily habits to exploit the opportunity. To protect networks and applications, organizations need  zero-trust access  approaches to provide least access privileges to secure against IoT endpoint and devices entering the network.

4) Disruption of Cybercrime Shows Reduced Threat Volumes: In cybersecurity not every action has an immediate or lasting effect, but several events in 2021 show positive developments specifically for defenders. The original developer of TrickBot was arraigned on multiple charges in June. Also, the coordinated takedown of Emotet, one of the most prolific malware operations in recent history, as well as actions to disrupt the Egregor, NetWalker, and Cl0p ransomware operations represent significant momentum by cyber defenders, including global governments and law enforcement to curb cybercrime. In addition, the level of attention that some attacks garnered spooked a few ransomware operators to announce they were ceasing operations. FortiGuard Labs’ data showed a slowdown of threat activity following the Emotet takedown. Activity related to TrickBot and Ryuk variants persisted after the Emotet botnet was taken offline, but it was at a reduced volume. This is a reminder of how hard it is to eradicate cyberthreats or adversary supply chains immediately, but these events are important achievements regardless.

5) Defensive Evasion and Privilege Escalation Techniques Favored by Cybercriminals: Studying higher resolution threat intelligence reveals valuable takeaways about how attack techniques are evolving currently. FortiGuard Labs analyzed the specific functionality inherent to detected malware by detonating the samples to observe what the intended outcome was for cyber adversaries. The result was a list of negative things malware would have accomplished if the attack payloads had been executed in target environments. This shows cyber adversaries sought to escalate privileges, evade defenses, move laterally across internal systems, and exfiltrate compromised data, among other techniques. For example, 55% of observed privilege escalation functionality leveraged hooking and 40% utilized process injection. A takeaway is that there is an obvious focus on defense evasion and privilege escalation tactics. Although these techniques are not novel, defenders will be better positioned to secure against future attacks, armed with this timely knowledge. Integrated and artificial intelligence (AI)-driven platform approaches, powered by actionable threat intelligence, are essential to defend across all edges and to identify and remediate shifting threats organizations face today in real time.

Partnership, Training, and AI-powered Prevention, Detection, and Response Is Vital
While government and law enforcement agencies have taken actions relative to cybercrime in the past, the first half of 2021 could be a game-changer in terms of the momentum for the future. They are working with industry vendors, threat intelligence organizations, and other global partnership organizations to combine resources and real-time threat intelligence to take direct action against cyber adversaries. Regardless, automated threat detection and AI remain essential to enable organizations to address attacks in real time and to mitigate attacks at speed and scale across all edges. In addition, cybersecurity user awareness training is as important as ever with anyone being a target of cyberattacks. Everyone needs regular instruction on best practices to keep individual employees and the organization secure.

Report Overview
This latest Global Threat Landscape Report is a view representing the collective intelligence of FortiGuard Labs, drawn from Fortinet’s vast array of sensors collecting billions of threat events observed around the world during the first half of 2021. Similar to how the MITRE ATT&CK framework classifies adversary tactics, techniques, and procedures with the first three groupings spanning reconnaissance, resource development, and initial access, the FortiGuard Labs Global Threat Landscape Report leverages this model to describe how threat actors find vulnerabilities, build malicious infrastructure, and exploit their targets. The report also covers global and regional perspectives as well.

Additional Resources

• Read the blog for valuable takeaways from this research, or access the full report.
• Learn more about FortiGuard Labs threat intelligence and research or Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks.
• Learn more about Fortinet’s FortiGuard security services portfolio.
• Watch how Fortinet makes possible a digital world you can always trust, and view how the Fortinet Security Fabric platform delivers broad, integrated, and automated protection across an organization’s entire digital infrastructure.
• Read more about how Fortinet customers are securing their organizations.
• Learn more about Fortinet’s free cybersecurity training, an initiative of Fortinet’s Training Advancement Agenda (TAA), or about the Fortinet Network Security Expert program, Security Academy program, and Veterans program.
• Engage in the Fortinet User Community (Fuse). Share ideas and feedback, learn more about our products and technology, and connect with peers.
• Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on YouTube.

About FortiGuard Labs
FortiGuard Labs is the threat intelligence and research organization at Fortinet. Its mission is to provide Fortinet customers with the industry’s best threat intelligence designed to protect them from malicious activity and sophisticated cyberattacks. It is comprised of some of the industry’s most knowledgeable threat hunters, researchers, analysts, engineers and data scientists in the industry, working in dedicated threat research labs all around the world. FortiGuard Labs continuously monitors the worldwide attack surface using millions of network sensors and hundreds of intelligence-sharing partners. It analyzes and processes this information using artificial intelligence (AI) and other innovative technology to mine that data for new threats. These efforts result in timely, actionable threat intelligence in the form of Fortinet security product updates, proactive threat research to help our customers better understand the threats and threat actors they face, and by providing threat intelligence consulting services to help our customers better understand and defend their threat landscape. Learn more at http://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.

About Fortinet
Fortinet (NASDAQ: FTNT) makes possible a digital world that we can always trust through its mission to protect people, devices, applications and data everywhere. This is why the world’s largest enterprises, service providers, and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Security Fabric platform delivers broad, integrated, and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. Ranking #1 in the most security appliances shipped worldwide, more than 530,000 customers trust Fortinet to protect their businesses. And the Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda (TAA), provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.

FTNT-O

Copyright © 2021 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet's trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiCare, FortiManager, FortiAnalyzer, FortiOS, FortiADC, FortiAP, FortiAppMonitor, FortiASIC, FortiAuthenticator, FortiBridge, FortiCache, FortiCamera, FortiCASB, FortiClient, FortiCloud, FortiConnect, FortiController, FortiConverter, FortiDB, FortiDDoS, FortiExplorer, FortiExtender, FortiFone, FortiCarrier, FortiHypervisor, FortiIsolator, FortiMail, FortiMonitor, FortiNAC, FortiPlanner, FortiPortal, FortiPresence, FortiProxy, FortiRecorder, FortiSandbox, FortiSIEM, FortiSwitch, FortiTester, FortiToken, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM.

Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. This news release may contain forward-looking statements that involve uncertainties and assumptions, such as statements regarding technology releases among others. Changes of circumstances, product release delays, or other risks as stated in our filings with the Securities and Exchange Commission, located at www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialize or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements.

Media Contact:	Investor Contact:	Analyst Contact:
John Welton	Peter Salkowski	Ron Davis
Fortinet, Inc.	Fortinet, Inc.	Fortinet, Inc.
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FAQ

What did Fortinet's latest threat report reveal about ransomware in June 2021?

Fortinet's report indicated a tenfold increase in ransomware incidents in June 2021 compared to the previous year.

How are public and private sectors collaborating to fight cybercrime according to Fortinet?

Fortinet emphasizes the importance of collaboration and shared data among public and private sectors to disrupt cybercriminal supply chains.

What is the impact of malvertising as per Fortinet's report?

The report found that over 25% of organizations detected malvertising or scareware attempts in the first half of 2021.

How has botnet activity changed according to Fortinet's findings?

Botnet activity detection surged from 35% to 51% among organizations within six months, indicating a growing threat.

What are the key takeaways from Fortinet's Global Threat Landscape Report?

Key takeaways include the rise in ransomware, malvertising, and botnet activity, highlighting the need for robust cybersecurity measures.