IBM, a leading global technology company, has released its 2024 X-Force Threat Intelligence Index, highlighting a growing global identity crisis as cybercriminals increasingly exploit user identities to infiltrate enterprises worldwide.
The report underscores a significant rise in identity-based cyberattacks, particularly in the Middle East and Africa (MEA) region, where cybercriminals leverage valid local and cloud accounts to compromise organizations. This trend underscores the critical need for robust user access and control strategies by enterprises to mitigate such threats effectively.
According to the IBM X-Force Threat Intelligence Index, cybercriminals in 2023 increasingly favored exploiting valid accounts over traditional hacking methods to gain unauthorized access to corporate networks. Saudi Arabia emerged as the most targeted country in the MEA region, accounting for 40% of overall incidents, followed by the United Arab Emirates (UAE) at 30%.
In terms of industry impact, the finance and insurance sectors were the most targeted, comprising 38% of incidents, followed by transportation and energy, each at 19%.
The X-Force Threat Intelligence Index draws insights from monitoring over 150 billion security events daily across more than 130 countries.
Babacar Kane, General Manager and Technology Leader, IBM Africa Growth Markets, emphasized that exploiting valid accounts has become the preferred tactic for cybercriminals, with billions of compromised credentials readily accessible on the Dark Web.
Globally, the report noted a significant uptick in infostealing malware, indicating a 266% increase in attacks aimed at stealing personal identifiable information such as emails, social media credentials, banking details, and cryptocurrency wallet data.
As threat actors increasingly leverage Artificial Intelligence (AI) to optimize their attacks, Kane stressed the necessity for organizations to adopt AI-powered solutions to bolster their cybersecurity defenses. Partnering with the right technology provider is essential to stay ahead of evolving cyber threats and enhance organizational resilience and trust.
To address evolving cyber threats, the X-Force report recommended implementing solutions to minimize the potential impact of data security incidents, stress-testing the work environment to identify vulnerabilities, and customizing incident response plans to reduce response and recovery times.
The findings highlight the critical imperative for organizations to adopt proactive cybersecurity measures to safeguard against escalating identity-based cyber threats and fortify their resilience in an increasingly digital landscape.
