Cybersecurity Conglomerate reveals threats to consumers
The Cybersecurity Conglomerate Gen quarterly report discloses disturbing facts, such as the fact that consumers are now increasingly at risk from Ransomware.
The new panorama of cyber threats against consumers is taking form, with the most recent Gen Quarterly Threat Report outlining the numerous problems they face.
Gen, a cybersecurity conglomerate that owns Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner, notes that as hackers get more sophisticated, they are turning to AI-powered frauds, digital identity theft, and ransomware assaults to steal from the public.
"Scammers are cunning and adept at exploiting what is most likely on consumers' minds - whether it is about elections, love, or financial security," explains Siggi Stefnisson, Gen's Chief Technology Officer.
Augmenting attacks with AI
According to the paper, the increasing accessibility and ubiquity of AI is a contributing factor to this new era of cybercrime, allowing criminal actors to repurpose previous approaches.
"Now with AI and other new tech, their schemes are more sophisticated and convincing than ever before," according to Siggi.
One of the most concerning developments mentioned in the paper is the use of deepfakes to commit large-scale fraud. In a particularly daring plan, the scam group CryptoCore used incredibly convincing deepfakes of legitimate events transmitted via compromised YouTube accounts to promote fake cryptocurrency prizes. This campaign resulted in the theft of a stunning $5 million.
The paper also discusses the evolution of part-time employment scams, which have progressed from text-based conversations on platforms such as Telegram to more sophisticated AI-powered audio communications. This development adds a new element of realism to these misleading methods, making it more difficult for naïve victims to detect.
The revival of classic frauds
However, despite the fact that the globe has advanced significantly in the last two years, the analysis showed that AI is not the only tool being used to level attacks.
The classic antivirus scam, first popularised in the late 2000s, has been revived. This occurred when fraudulent pop-up alerts impersonated actual antivirus programs, frequently saying that the user's computer is infected to generate a sense of urgency.
These fraudulent warnings leverage the Windows notification system to look as legitimate system messages, encouraging consumers to purchase needless antivirus software.
Digital identity theft
As large-scale commercial hacks grow more regular in 2024, thieves' goal has moved to stealing digital identities. The report focuses on two key strategies used by attackers: information stealers (InfoStealers) and mobile bankers.
nfoStealers, who penetrate devices to steal login information, session cookies, passwords, and financial information, had a small decrease in Q2/2024. However, certain malware families continue to expand, with AgentTesla increasing its market share by 11%.
Mobile Bankers, on the other hand, focus on mobile devices to steal financial information, cryptocurrency wallets, and immediate payment credentials. The paper uses the example of TeaBot, a Mobile Banker camouflaged as a PDF reader that targeted Revolut clients in Q2 2024.
Ransomware attacks consumers.
Perhaps one of the most unexpected facts and types of assaults against customers is the increase in consumer-targeted ransomware attacks.
According to Gen's telemetry data, the number of such attacks increased by 24% quarter over quarter in Q2/2024. India saw an astonishing 379% growth, followed by considerable spikes in the United States, Canada, and the United Kingdom.
Although ransomware has recently increased in popularity, it typically targets large organizations or sectors since they are more likely to have the funds to pay. The fact that this is happening to customers now, and at an equally high rate, demonstrates how widespread cybersecurity dangers are.
As large organizations enhance their cybersecurity defenses, individual consumers, who frequently have less sophisticated protection in place, may become more appealing targets.
Contextualizing the Threat Landscape
The Gen Quarterly Threat Report's conclusions come at a time when digital dependency is increasing.
As we increasingly rely on digital platforms for business, education, and social relationships, hackers' attack surface has expanded enormously. Similarly, the rise of AI-powered schemes has made dangers like phishing increasingly more difficult to identify.
Finally, the research emphasizes that cybersecurity has significantly altered the danger picture, not only for businesses but also for consumers.
Source: Cyber Magazine
