Cybercriminals exploiting new vulnerabilities 43% faster than first half of 2023: Report

With cyber security attacks reaching a new level of sophistication, recent reports from Fortinet’s FortiGuard Labs and CyberArk reveal alarming trends in cyber threats, emphasizing the urgent need for improved security protocols and collaboration across the industry.

Fortinet’s FortiGuard Labs’ 2H 2023 Global Threat Landscape Report indicates that cybercriminals are exploiting new vulnerabilities 43% faster than in the first half of 2023. This rapid exploitation, averaging just 4.76 days post-disclosure, underscores the critical need for vendors to integrate robust security measures throughout the product lifecycle and practice transparent vulnerability disclosures. 

Derek Manky, Chief Security Strategist & Global VP of Threat Intelligence at FortiGuard Labs, said that close collaboration between vendors and customers will help in mitigating these risks. The report also revealed that some vulnerabilities remain unpatched for over 15 years, highlighting the need for rigorous patch management.

The report shows that less than 9% of known endpoint vulnerabilities were actively targeted in the second half of 2023, indicating a smaller attack surface for security teams to prioritize. However, 44% of ransomware and wiper attacks targeted industrial sectors, suggesting a shift towards more targeted cyber-attacks. Botnets continue to be resilient, with command and control communications taking an average of 85 days to cease after detection. FortiGuard Labs also tracked significant activity from 38 of the 143 advanced persistent threat (APT) groups listed by MITRE, including notable groups such as Lazarus and APT28. FortiRecon, Fortinet’s digital risk protection service, highlighted frequent dark web discussions targeting finance, business services, and education sectors. The report noted over 3,000 data breaches shared on dark web forums and more than 850,000 payment cards advertised for sale.

Likewise, CyberArk’s 2024 Identity Security Threat Landscape Report published today also reveals that 93% of respondents expect AI-powered tools to increase cyber risks in the coming year. Furthermore, 88% of organizations have experienced successful identity-related breaches due to phishing or vishing attacks. Rohan Vaidya, Area Vice President, India & SAARC at CyberArk, emphasized the importance of bridging the gap between human and machine identity security, noting that 93% of Indian organizations faced multiple identity-related breaches in the past year alone. Matt Cohen, CyberArk’s CEO, highlighted the need for a paradigm shift towards a cybersecurity model that places identity security at its core.

Both reports stress the importance of collaboration across the cybersecurity industry to combat the expanding attack surface and address the skills shortage. Fortinet and CyberArk advocate for a united effort involving CERTs, government entities, academia, and industry groups like the Cyber Threat Alliance and the World Economic Forum.

The FortiGuard Labs report provides a comprehensive analysis of the threat landscape from July to December 2023, while CyberArk’s survey, conducted by Vanson Bourne, gathered insights from 2,400 cybersecurity decision-makers across various regions, including the US, Europe, Asia, and Latin America. As cyber threats continue to evolve, these reports highlight the necessity for proactive and collaborative approaches to enhance global cyber resilience and safeguard digital identities.