Ransomware attacks continued to plague small and midsized businesses in 2024, according to the latest threat report released by cybersecurity company Sophos. Despite a slight drop in the overall number of attacks, these cybercrimes are becoming more complex and costly.
“Ransomware accounted for 70% of incident response cases for our small business customers last year,” according to the Sophos report. “For midsized organizations, that number was even higher — more than 90%.”
Evolving cyber threats
The report highlights how attackers are shifting their focus from simply encrypting files to stealing sensitive data and using it to pressure victims. Even if encryption fails, cybercriminals are still demanding payment by threatening to leak stolen data.
Sophos also noted that nearly 30% of all monitored cyber incidents for small and midsized companies in 2024 involved either ransomware or data theft attempts.
“While some well-known ransomware groups were disrupted last year, the tactics they used continue to evolve,” the report said. “We’ve seen a 50% increase in remote ransomware attacks compared to 2023, and a 141% jump since 2022.”
Other rising threats include:
- Phishing attacks that bypass multi-factor authentication (MFA)
- Social engineering using Microsoft Teams to trick users into sharing credentials
- Fraudulent apps spreading malware
- Malvertising or fake ads used to install malware
- “Quishing” attacks using QR codes to steal login information
- “EDR killers” designed to disable security software
AI in cybercrime
Cybercriminals are also beginning to use artificial intelligence (AI). Sophos observed that AI tools have been used mostly to improve fake content like images, messages, and profiles.
“Generative AI is being used to improve the look of phishing scams and make communication more convincing,” the report stated.
Call for stronger defenses
Even though some cybercrime methods are familiar, Sophos warns that they are becoming more difficult to stop. The company urges small and mid-sized organizations to strengthen their defenses and remain cautious.
“Better security systems have helped reduce some attacks, but threats continue to grow in new directions,” Sophos reported.