Gen reports surge in ransomware & mobile threats

Gen has released its Q3 Threat Report revealing significant rises in ransomware and mobile banking threats in the last quarter.

The report indicates that ransomware payments have reached a global high of USD $460 million in 2024. Avast researchers attribute the increase in ransomware to several factors, including outdated software vulnerabilities, particularly Windows 7, which is prominently exploited by threats such as Magniber.

"In July through September, scams continued to dominate the threat landscape, while data-theft abusing malware and ransomware also increased rapidly," said Siggi Stefnisson, Cyber Safety CTO at Gen. "Our consistent focus is to empower people with the tools they need, such as the Norton Genie scam detector, so they can protect their digital lives as threats evolve."

The report highlights a 614% increase in "Scam-Yourself Attacks," where individuals are tricked into installing malware on their own devices. These attacks use social engineering tactics and include techniques like fake tutorials, technical fix scams, fake CAPTCHA prompts, and false software updates.

Data stealing malware is on the rise, with a 39% increase in activity this quarter. The Lumma Stealer, a prominent data stealer, increased its operations by 1154%, primarily targeting sensitive information through fake YouTube tutorials.

This quarter, ransomware threats increased, with the risk ratio doubling. The Magniber ransomware has been notably active, exploiting outdated software such as Windows 7 to infiltrate systems. Gen is working with governments worldwide to combat ransomware, providing decryption tools for victims, and releasing the Avast Mallox Ransomware Decryptor.

Mobile threats have also escalated, with a 166% growth in spyware incidents, alongside a 60% increase in banking malware. New spyware such as NGate targets NFC data for ATM withdrawals, while banking malware such as Rocinante focuses on collecting credentials. These threats largely originate from malicious SMS messages.

Gen's brands continue to update their defences to protect against these mobile-specific threats, encouraging users to use comprehensive mobile security solutions like Avast Mobile Security along with avoiding unsolicited SMS links.

Advanced AI technologies are being exploited by both cybercriminals and defenders, with attackers improving social engineering campaigns through realistic deepfakes and custom phishing emails. Gen's AI-driven Norton Genie App aims to provide real-time threat detection to combat such advanced scams.

Norton Genie's data also shows that smishing attempts, masquerading as communications from legitimate entities to lure individuals into clicking on malicious links, account for 16.5% of scams, followed by lottery scams (12%), general phishing, package delivery scams (9.6%), and fake invoices (7.7%).