The insurance, banking, and financial services industries saw 45–60% more cyber bot attacks.
The State of Application Security Report by application security SaaS provider Indusface shows that between April and June of 2024, there was a 115% increase in cyber threats targeted against Indian websites and application programming interfaces.
During this time, the AppTrana WAAP platform of the company stopped over 2.37 billion threats. The research indicated that, on average, 9.6 lakh attacks had been avoided per website. More than 276 million bot attacks were reported in Q2 2024, a 213% increase from the same period the previous year. The number of distributed denial-of-service attacks increased as well, reaching 835 million, impacting 60% of all sites under observation. Overall, a bot assault was detected on nine out of ten sites, while a DDoS attack was seen on six out of ten sites.
According to the survey, cyber attacks on power and energy companies were up to 25 times higher than the industry average. This is probably because these sectors are not subject to strict regulations, making them easy targets for hackers.
The insurance, banking, and financial services industries saw 45–60% more bot attacks. BFSI and all healthcare websites were targeted by malicious bots, which are usually used for account takeover, card cracking, skimming, and other cyber attacks, about 90% of the time.
The BFSI, healthcare, and retail industries found that SQL injection attacks were the most common vulnerability. This highlights how important it is to safeguard consumer data, especially credit card numbers and personally identifying information. Furthermore, compared to other industries, the manufacturing sector had ten times more cross-site scripting attacks.
The availability of cyber exploitation tools has led to a startling 1,200% surge in attacks targeting weaknesses, according to the paper. Large language models are one example of a technology that has made hacking easier and greatly increased the threat landscape. Three-quarters of the 25,000 critical and high vulnerabilities that were found had been open for more than 180 days.
“Bot attacks have increased by 200%, and attacks that take use of known vulnerabilities have increased by 1,200%. The frequent use of huge language models, especially by experienced hackers, may be the cause of this rise, according to Indusface CEO Ashish Tandon.
Over 559 million cyberattacks were directed at small and medium-sized businesses worldwide. The most common attack vector was DDoS, with 124% more DDoS attacks happening on individual websites and apps than on enterprise systems. This can be the case because SMBs cannot afford the managed WAAP or the specialized, continuously security operations centers needed for DDoS attack monitoring.
“While attacks using DDoS against SMBs are on the rise, powerful bots are increasingly targeting business systems. Even for large organizations with strong security teams and devices, blocking advanced bots is still difficult, and small and medium-sized businesses sometimes lack the funds for efficient managed solutions to stop DDoS attacks, according to Tandon.
The research made clear that effective, managed security solutions are required. Security policies that are particular to a given application were used to mitigate 59% of the overall threats. The security measures that protected the remaining 41% were not traditional.
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