Quarterly Threat Intelligence Report: Cyber Attacks in Q3 2024 – Key Insights, Trends, and Recommendations

Introduction

The third quarter of 2024 saw an alarming increase in cyber attack activity, totaling 9,393 incidents—a 14% rise compared to Q2 2024. Cyber threats during this period were largely driven by DDoS attacks, data breaches, and ransomware, with the Government & Public Sector, Technology & IT Services, and Education sectors bearing the brunt of these targeted attacks. FalconFeeds.io’s real-time threat intelligence capabilities proved invaluable for identifying these emerging patterns, particularly around the surge in DDoS attacks and the expansion of the underground market for access sales. Through this intelligence, organizations gained a deeper understanding of the shifting threat landscape, which is essential for staying ahead of attackers. In this blog, we dive into the most significant trends, affected sectors, and regional impacts observed in Q3 2024, along with a comparative analysis of Q2 and region-specific findings across the USA, Europe, ASEAN, and other global regions.

Key Findings from Q3 2024

Cyber attacks in Q3 2024 were marked by certain types of incidents more than others. Disruption-based attacks such as DDoS were the most common, with 3,748 incidents reported globally. Data breaches followed, with 1,892 incidents, emphasizing the growing value of sensitive information in cybercriminal circles. Ransomware continued to be a major threat, accounting for 1,246 incidents that primarily targeted industries managing valuable data or critical infrastructure. Defacement attacks, data leaks, and access sales also contributed significantly to the quarter’s cyber landscape, with 1,235, 724, and 548 incidents respectively. The continued dominance of DDoS attacks showcases the potential for disruption-based tactics to cripple services and impact public and private sector organizations globally, highlighting the urgent need for strong DDoS defenses.

Monthly Trends and Industry Impact

Month-over-month analysis shows a steady increase in cyber incidents, reaching new peaks in August and September with the most significant rise in DDoS attacks and defacements in August and September This upward trend indicates the persistent and adaptive nature of cyber threats, with attackers leveraging diverse tactics to exploit evolving vulnerabilities.

The impact was not evenly distributed across industries, with some sectors hit harder than others. The Government & Public Sector faced the most significant impact, with 1,742 incidents, making it the most targeted sector due to its vital role in maintaining national security and public services. The Technology & IT Services sector followed closely, with 995 incidents, as attackers sought to exploit valuable data and technology resources. Education was also heavily affected, with 836 incidents, as institutions grappled with securing sensitive student and faculty information. This concentration of attacks on specific industries underscores the need for targeted cybersecurity measures to protect data, maintain continuity, and safeguard national interests.

Country-Wise Impact and Cybercriminal Hotspots

Certain countries faced higher cyber attack volumes, driven by both geopolitical and economic motives. The USA reported the highest number of incidents with 1,387, reflecting its status as a high-value target for both opportunistic and strategically motivated attacks. India followed closely, with 1,223 incidents. In Ukraine and Israel, incidents totaled 591 and 608, respectively, underscoring the influence of regional tensions and opportunistic targeting in the cyber threat landscape. Ukraine and Israel saw frequent politically motivated campaigns, while Indonesia with 519 incidents experienced significant spillover effects following a ransomware attack on the national data center. The high concentration of incidents in these countries highlights the complex motivations behind cyber attacks and the importance of regional threat intelligence.

Underground forums continued to serve as critical hubs for cybercriminals to buy, sell, and coordinate attack resources. Breach Forums was particularly active, with 1,953 incidents linked to it, followed by Exploit Forum with 276 incidents and Xss Forum with 192 incidents. These platforms offer attackers everything from access credentials to tools and services to execute cyber attacks, creating a thriving marketplace that facilitates coordinated cybercrime. Monitoring these forums is essential for organizations to stay proactive against emerging threats and prevent incidents before they occur.

Comparative Analysis: Q2 vs. Q3 2024

The comparison between Q2 and Q3 2024 reveals distinct shifts in the cyber threat landscape. DDoS attacks saw the most significant increase, with 771 additional incidents reported in Q3. This surge underscores a tactical shift towards disruption-based strategies, where attackers use DDoS attacks to disrupt services and cripple infrastructure. Meanwhile, defacement attacks also rose, often motivated by political or ideological agendas aimed at compromising government and media websites. The rise in defacement incidents highlights the need for resilience in online services, especially those critical to information dissemination.

Industry-wise, the Government & Public Sector experienced the highest growth in incidents, followed by Education and Manufacturing. The Technology & IT Services sector remained a constant target due to its valuable data and system access. Country-wise, Q3 saw significant increases in incidents in India, Ukraine, and Israel, with DDoS attacks, ransomware, and defacements being the primary contributors. Indonesia, already reeling from a ransomware attack on its national data center, faced continued targeting by opportunistic threat actors. Meanwhile, the USA saw stable threat levels, while Germany experienced a slight decline in incidents.

Regional Analysis

Europe

Europe experienced a high volume of cyber incidents in Q3, totaling 2,757 attacks. DDoS attacks and ransomware were the most frequent threats, with industries like Government, Transportation, Technology, and Manufacturing particularly affected. This quarter, Ukraine, France, Spain, and the UK emerged as hotspots for cyber threats. Ransomware remained a key risk, with RansomHub and LockBit 3.0 leading attack efforts across the region. A notable uptick in activity was seen in August, correlating with heightened geopolitical tensions and the targeting of critical infrastructure in Western and Eastern Europe.

Middle East

In the Middle East, 979 incidents were reported, with DDoS and data leaks being the primary threats to industries such as Government, Technology, Financial, and Education. The region saw concentrated targeting in Israel, Turkey, UAE, and Saudi Arabia, where attackers often exploited critical infrastructure vulnerabilities. Ransomware incidents, totaling 32 in this region, were predominantly attributed to groups like Meow and RansomHub, which increased their activity throughout the quarter. This wave of cyber threats underscores the region's vulnerability to disruption-based attacks and data exposure.

ASEAN

ASEAN countries experienced 891 incidents in Q3, with Data Breaches and DDoS Attacks impacting sectors like Government, Education, Media, and Technology. The hardest-hit nations were Indonesia, Thailand, Vietnam, and Malaysia, where data breaches and DDoS attacks posed significant challenges to public and private sector operations. Ransomware was also present, with 32 recorded incidents, displaying an upward trend in both July and September. Prominent ransomware groups in the region included RansomHub and Kill Security, highlighting the region's need for more robust ransomware defenses.

Latin America

In Latin America, 405 incidents were recorded in Q3, with Brazil, Argentina, Mexico, Colombia, and Peru being the primary targets. Data breaches and ransomware dominated the threat landscape, particularly affecting sectors such as Government, Technology, Manufacturing, and Financial Services. With 68 ransomware incidents recorded, Latin America faced an increasing threat throughout the quarter. Ransomware groups RansomHub and LockBit 3.0 were especially active, targeting industries vital to the region's economic stability and operational continuity.

APEC

The APEC region experienced 3,145 incidents during Q3, with the USA and Indonesia facing the highest volumes of Data Breach and Ransomware Attacks. Key sectors targeted included Government and Technology, reflecting the critical infrastructure focus of cyber threat actors. Ransomware was a persistent threat in the region, with 815 incidents recorded across countries. RansomHub and PLAY were the most active ransomware groups in APEC, underlining the significant risks posed by ransomware in this economically vital region.

Africa

Africa reported 149 incidents in Q3, with Morocco, Algeria, and South Africa being the most impacted. The region’s cyber incidents were primarily driven by Data Breaches and DDoS Attacks targeting the Government, Financial, and Technology sectors. Ransomware was present as well, with 26 recorded incidents, showing increased activity in August. DARKVAULT, Hunters International, and Kill Security were the most active ransomware groups in Africa, signaling a growing threat to critical infrastructure in this region.

Key Insights and Trends

1. DDoS Attacks surged by 771 incidents from Q2, indicating a growing reliance on disruption-based tactics. Sectors such as the government and transportation sectors were particularly affected, calling for enhanced DDoS defenses.
2. Ransomware remained consistent in Q3, affecting critical sectors such as manufacturing, construction, and healthcare. These industries, which manage valuable data and infrastructure, continue to be prime targets for ransomware groups.
3. Data Breaches rose from 1,596 incidents in Q2 to 1,892 in Q3, primarily targeting information technology and government sectors. This increase points to the growing risk of data exposure and the need for stringent security measures.

Among the most active ransomware groups, RansomHub led with 194 incidents, focusing on the USA, UK, and Australia. LockBit 3.0, despite operational disruptions earlier in the year, was active with 96 incidents targeting the USA, France, and UK. PLAY ransomware recorded 91 incidents primarily affecting the USA and Canada, underscoring the persistence of ransomware as a key threat vector.

Conclusion and Recommendations

The third quarter of 2024 underscores the importance of timely threat intelligence in identifying and addressing emerging cyber risks. Real-time insights play a crucial role in helping organizations detect and respond to evolving threats with agility, which is essential for a proactive defense against cybercriminal tactics. With continuous monitoring of underground forums and dark web intelligence, organizations can better anticipate and mitigate potential threats before they escalate.

In light of these findings, organizations should prioritize strengthening their defenses against DDoS attacks by implementing advanced mitigation strategies, ensuring continuous monitoring, and establishing rapid response plans to minimize disruptions. To safeguard against the growing risk of data breaches, data security practices should be enhanced through robust encryption, access control, and active monitoring of compromised data. Additionally, ransomware remains a persistent threat, particularly to critical sectors like government, IT, and healthcare, making it essential to invest in comprehensive ransomware readiness strategies. These should include secure backup solutions, employee training on phishing and malware awareness, and well-prepared incident response plans.

As threat actors continue to evolve and refine their methods, a proactive and multi-layered approach to cybersecurity is crucial. Organizations that remain vigilant and adaptable can better protect their assets, data, and operational continuity, ensuring resilience in an increasingly complex cyber landscape.