Recent research from Mandiant revealed that financially motivated hackers are the new trend, with more than (55%) of criminal gangs active in 2024 aiming to steal or extort money from their targets, a sharp rise compared to previous years. 

About the report

The main highlight of the M-Trends report is that hackers are using every opportunity to advance their goals, such as using infostealer malware to steal credentials. Another trend is attacking unsecured data repositories due to poor security hygiene. 

Hackers are also exploiting fractures and risks that surface when an organization takes its data to the cloud. “In 2024, Mandiant initiated 83 campaigns and five global events and continued to track activity identified in previous years. These campaigns affected every industry vertical and 73 countries across six continents,” the report said. 

Ransomware-related attacks accounted for 21% of all invasions in 2024 and comprised almost two-thirds of cases related to monetization tactics. This comes in addition to data theft, email hacks, cryptocurrency scams, and North Korean fake job campaigns, all attempting to get money from targets. 

Exploits were amid the most popular primary infection vector at 33%, stolen credentials at 16%, phishing at 14%, web compromises at 9%, and earlier compromises at 8%. 

Finance in danger

Finance topped in the targeted industry, with more than 17% of attacks targeting the sector, followed closely by professional services and business (11%), critical industries such as high tech (10%), governments (10%), and healthcare (9%). 

Experts have highlighted a broader target of various industries, suggesting that anyone can be targeted by state-sponsored attacks, either politically or financially motivated.  

Stuart McKenzie, Managing Director, Mandiant Consulting EMEA. said “Financially motivated attacks are still the leading category. “While ransomware, data theft, and multifaceted extortion are and will continue to be significant global cybercrime concerns, we are also tracking the rise in the adoption of infostealer malware and the developing exploitation of Web3 technologies, including cryptocurrencies.” 

He also stressed that the “increasing sophistication and automation offered by artificial intelligence are further exacerbating these threats by enabling more targeted, evasive, and widespread attacks. Organizations need to proactively gather insights to stay ahead of these trends and implement processes and tools to continuously collect and analyze threat intelligence from diverse sources.”