In 2024, India experienced an 11 percent increase in malware attacks and a 22 percent rise in ransomware incidents, underscoring the growing cyber threat landscape for businesses, according to SonicWall’s latest report.

The SonicWall Mid-Year Cyber Threat Report reveals that malware attacks surged to 1,344,566 in 2024 from 1,213,528 in the previous year. Additionally, Internet of Things (IoT) attacks saw a dramatic 59 percent increase, reaching 1,680,787 from 1,057,320.

Ransomware attacks also rose significantly, and the report highlighted a staggering 409 percent increase in crypto attacks. SonicWall’s Vice President of APJ Sales, Debasish Mukherjee, noted that organizations are facing an evolving threat environment as attackers continue to innovate beyond traditional defenses.

The report indicates that cyber threats jeopardized at least 12.6 percent of annual revenues for businesses, which experienced an average of 1,104 hours of critical attacks within 880 working hours. Effective cybersecurity measures managed to prevent an estimated 46 days of potential downtime.

In the first five months of 2024 alone, the report identified 78,923 new malware variants, with over 500 new strains discovered daily. Globally, the total volume of malware increased by 30 percent in the first half of the year, with May alone seeing a remarkable 92 percent spike.

While cryptojacking decreased by 60 percent globally, it remained a significant concern in India.