By Ashwani Mishra, Editor-Technology, 63SATS
Stay tuned with the latest updates on stories and trends in the cyber security space.
1. India’s Alarming ₹11,333 Crore Cyber Fraud Loss in 2024
India reported a shocking loss of ₹11,333 crore to cyber fraud in the first nine months of 2024, as per the Indian Cyber Crime Coordination Centre (I4C). Stock trading scams topped the list, causing ₹4,636 crore in damages from 2,28,094 complaints. Investment frauds followed with ₹3,216 crore lost in 1,00,360 cases, while ₹1,616 crore was drained through “digital arrest” scams across 63,481 complaints. The Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) recorded nearly 12 lakh cyber fraud complaints in 2024, 45% of which originated from Southeast Asia, notably Cambodia, Myanmar, and Laos. Since 2021, CFCFRMS has logged 30.05 lakh complaints, resulting in losses of ₹27,914 crore.
2. Darknet Marketplaces Fuel Holiday Cyber Scams
As the holiday shopping season approaches, cybercriminals are ramping up attacks, leveraging darknet marketplaces to exploit e-commerce platforms and consumers. FortiGuard Labs’ report highlights that phishing kits, mimicking websites of trusted retailers like Amazon and Walmart, are available for $100 to $1,000. These platforms also offer sniffers for stealing payment data and brute-force tools for account hacking, enabling even low-skilled attackers to target victims. Stolen credit card data and gift cards are in high demand, feeding an underground economy that preys on consumer enthusiasm for holiday deals.
3. RansomHub Targets U.S. Municipal Governments in Cyberattacks
The RansomHub cybercrime group has claimed responsibility for crippling ransomware attacks on Coppell, Texas, and the Minneapolis Park and Recreation Board. These incidents disrupted public services, including WiFi at city facilities, library systems, and municipal court operations. Coppell, a city with over 40,000 residents, reported widespread technology outages on October 23. These high-profile attacks highlight the increasing vulnerability of public infrastructure to ransomware groups.
4. Major Cyber Incident Paralyzes Merseyside Hospitals
Hospitals across Merseyside, U.K., declared a “major” cybersecurity incident, causing the cancellation of outpatient appointments and restricting A&E visits to emergencies. Arrowe Park Hospital in Wirral was the first to report the breach, which also impacted Clatterbridge Hospital and the Wirral Women and Children’s Hospital. The incident severely disrupted patient care, with hospital authorities working to resolve the issue while implementing business continuity plans.
5. Hacktivist Group CyberVolk Backs Russian Interests with Ransomware Attacks
CyberVolk, a hacktivist group linked to Russian interests, has targeted critical infrastructure and scientific institutions in Japan, France, and the U.K. Active since March 2024, the group exploits geopolitical tensions to justify attacks on state and public entities. Previously operating under the name Gloriamist India, CyberVolk has rebranded, with its alleged leader identified as Hacker-K of Indian origin. Despite the group’s origins, their operations remain shrouded in mystery, posing an evolving global threat.
