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Disclaimer:

This report is based on extensive research conducted by CyberPeace Research using publicly available information, and advanced analytical techniques. The findings, interpretations, and conclusions presented are based on the data available at the time of study and aim to provide insights into global ransomware trends.

The statistics mentioned in this report are specific to the scope of this research and may vary based on the scope and resources of other third-party studies. Additionally, all data referenced is based on claims made by threat actors and does not imply confirmation of the breach by CyberPeace. CyberPeace includes this detail solely to provide factual transparency and does not condone any unlawful activities. This information is shared only for research purposes and to spread awareness. CyberPeace encourages individuals and organizations to adopt proactive cybersecurity measures to protect against potential threats.

CyberPeace Research does not claim to have identified or attributed specific cyber incidents to any individual, organization, or nation-state beyond the scope of publicly observable activities and available information. All analyses and references are intended for informational and awareness purposes only, without any intention to defame, accuse, or harm any entity.

While every effort has been made to ensure accuracy, CyberPeace Research is not liable for any errors, omissions, subsequent interpretations and any unlawful activities of the findings by third parties. The report is intended to inform and support cybersecurity efforts globally and should be used as a guide to foster proactive measures against cyber threats.

Executive Summary: 

The 2024 ransomware landscape reveals alarming global trends, with 166 Threat Actor Groups leveraging 658 servers/underground resources and mirrors to execute 5,233 claims across 153 countries. Monthly fluctuations in activity indicate strategic, cyclical targeting, with peak periods aligned with vulnerabilities in specific sectors and regions. The United States was the most targeted nation, followed by Canada, the UK, Germany, and other developed countries, with the northwestern hemisphere experiencing the highest concentration of attacks. Business Services and Healthcare bore the brunt of these operations due to their high-value data, alongside targeted industries such as Pharmaceuticals, Mechanical, Metal, Electronics, and Government-related professional firms. Retail, Financial, Technology, and Energy sectors were also significantly impacted.

This research was conducted by CyberPeace Research using a systematic modus operandi, which included advanced OSINT (Open-Source Intelligence) techniques, continuous monitoring of Ransomware Group activities, and data collection from 658 servers and mirrors globally. The team utilized data scraping, pattern analysis, and incident mapping to track trends and identify hotspots of ransomware activity. By integrating real-time data and geographic claims, the research provided a comprehensive view of sectoral and regional impacts, forming the basis for actionable insights.

The findings emphasize the urgent need for proactive Cybersecurity strategies, robust defenses, and global collaboration to counteract the evolving and persistent threats posed by ransomware.

Overview:

This report provides insights into ransomware activities monitored throughout 2024. Data was collected by observing 166 Threat Actor Groups using ransomware technologies across 658 servers/underground resources and mirrors, resulting in 5,233 claims worldwide. The analysis offers a detailed examination of global trends, targeted sectors, and geographical impact.

Top 10 Threat Actor Groups:

The ransomware group ‘ransomhub’ has emerged as the leading threat actor, responsible for 527 incidents worldwide. Following closely are ‘lockbit3’ with 522 incidents and ‘play’ with 351. Other Groups are ‘akira’, ‘hunters’, ‘medusa’, ‘blackbasta’, ‘qilin’, ‘bianlian’, ‘incransom’. These groups usually employ advanced tactics to target critical sectors, highlighting the urgent need for robust cybersecurity measures to mitigate their impact and protect organizations from such threats.

Monthly Ransomware Incidents:

In January 2024, the value began at 284, marking the lowest point on the chart. The trend rose steadily in the subsequent months, reaching its first peak at 557 in May 2024. However, after this peak, the value dropped sharply to 339 in June. A gradual recovery follows, with the value increasing to 446 by August. September sees another decline to 389, but a sharp rise occurs afterward, culminating in the year’s highest point of 645 in November. The year concludes with a slight decline, ending at 498 in December 2024 (till 28th of December).

Top 10 Targeted Countries:

1. The United States consistently topped the list as the primary target probably due to its advanced economic and technological infrastructure.
2. Other heavily targeted nations include Canada, UK, Germany, Italy, France, Brazil, Spain, and India.
3. A total of 153 countries reported ransomware attacks, reflecting the global scale of these cyber threats

Top Affected Sectors:

1. Business Services and Healthcare faced the brunt of ransomware threat due to the sensitive nature of their operations.
2. Specific industries under threats:
   1. Pharmaceutical, Mechanical, Metal, and Electronics industries.
   2. Professional firms within the Government sector.
3. Other sectors:
   1. Retail, Financial, Technology, and Energy sectors were also significant targets.

Geographical Impact:

The continuous and precise OSINT(Open Source Intelligence) work on the platform, performed as a follow-up action to data scraping, allows a complete view of the geography of cyber attacks based on their claims. The northwestern region of the world appears to be the most severely affected by Threat Actor groups. The figure below clearly illustrates the effects of this geographic representation on the map.

Ransomware Threat Trends in India:

In 2024, the research identified 98 ransomware incidents impacting various sectors in India, marking a 55% increase compared to the 63 incidents reported in 2023. This surge highlights a concerning trend, as ransomware groups continue to target India's critical sectors due to its growing digital infrastructure and economic prominence.

Top Threat Actors Group Targeted India:

Among the following threat actors ‘killsec’ is the most frequent threat. ‘lockbit3’  follows as the second most prominent threat, with significant but lower activity than killsec. Other groups, such as ‘ransomhub’, ‘darkvault’, and ‘clop’, show moderate activity levels. Entities like ‘bianlian’, ‘apt73/bashe’, and ‘raworld’ have low frequencies, indicating limited activity. Groups such as ‘aps’ and ‘akira’ have the lowest representation, indicating minimal activity. The chart highlights a clear disparity in activity levels among these threats, emphasizing the need for targeted cybersecurity strategies.

Top Impacted Sectors in India:

The pie chart illustrates the distribution of incidents across various sectors, highlighting that the industrial sector is the most frequently targeted, accounting for 75% of the total incidents. This is followed by the healthcare sector, which represents 12% of the incidents, making it the second most affected. The finance sector accounts for 10% of the incidents, reflecting a moderate level of targeting. In contrast, the government sector experiences the least impact, with only 3% of the incidents, indicating minimal targeting compared to the other sectors. This distribution underscores the critical need for enhanced cybersecurity measures, particularly in the industrial sector, while also addressing vulnerabilities in healthcare, finance, and government domains.

Month Wise Incident Trends in India:

The chart indicates a fluctuating trend with notable peaks in May and October, suggesting potential periods of heightened activity or incidents during these months. The data starts at 5 in January and drops to its lowest point, 2, in February. It then gradually increases to 6 in March and April, followed by a sharp rise to 14 in May. After peaking in May, the metric significantly declines to 4 in June but starts to rise again, reaching 7 in July and 8 in August. September sees a slight dip to 5 before the metric spikes dramatically to its highest value, 24, in October. Following this peak, the count decreases to 10 in November and then drops further to 7 in December.

CyberPeace Advisory:

1. Implement Data Backup and Recovery Plans: Backups are your safety net. Regularly saving copies of your important data ensures you can bounce back quickly if ransomware strikes. Make sure these backups are stored securely—either offline or in a trusted cloud service—to avoid losing valuable information or facing extended downtime.  
2. Enhance Employee Awareness and Training: People often unintentionally open the door to ransomware. By training your team to spot phishing emails, social engineering tricks, and other scams, you empower them to be your first line of defense against attacks.  
3. Adopt Multi-Factor Authentication (MFA): Think of MFA as locking your door and adding a deadbolt. Even if attackers get hold of your password, they’ll still need that second layer of verification to break in. It’s an easy and powerful way to block unauthorized access.  
4. Utilize Advanced Threat Detection Tools: Smart tools can make a world of difference. AI-powered systems and behavior-based monitoring can catch ransomware activity early, giving you a chance to stop it in its tracks before it causes real damage.  
5. Conduct Regular Vulnerability Assessments: You can’t fix what you don’t know is broken. Regularly checking for vulnerabilities in your systems helps you identify weak spots. By addressing these issues proactively, you can stay one step ahead of attackers.

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Conclusion:

The 2024 ransomware landscape reveals the critical need for proactive cybersecurity strategies. High-value sectors and technologically advanced regions remain the primary targets, emphasizing the importance of robust defenses. As we move into 2025, it is crucial to anticipate the evolution of ransomware tactics and adopt forward-looking measures to address emerging threats. 

Global collaboration, continuous innovation in cybersecurity technologies, and adaptive strategies will be imperative to counteract the persistent and evolving threats posed by ransomware activities. Organizations and governments must prioritize preparedness and resilience, ensuring that lessons learned in 2024 are applied to strengthen defenses and minimize vulnerabilities in the year ahead.

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What are Deepfakes? 

A deepfake is essentially a video of a person in which their face or body has been digitally altered so that they appear to be someone else, typically used maliciously or to spread false information. Deepfake technology is a method for manipulating videos, images, and audio utilising powerful computers and deep learning. It is used to generate fake news and commit financial fraud, among other wrongdoings. It overlays a digital composite over an already-existing video, picture, or audio; cybercriminals use Artificial Intelligence technology. The term deepfake was coined first time in 2017 by an anonymous Reddit user, who called himself deepfake. 

Deepfakes works on a combination of AI and ML, which makes the technology hard to detect by Web 2.0 applications, and it is almost impossible for a layman to see if an image or video is fake or has been created using deepfakes. In recent times, we have seen a wave of AI-driven tools which have impacted all industries and professions across the globe. Deepfakes are often created to spread misinformation. There lies a key difference between image morphing and deepfakes. Image morphing is primarily used for evading facial recognition, but deepfakes are created to spread misinformation and propaganda. 

Issues Pertaining to Deepfakes in India 

Deepfakes are a threat to any nation as the impact can be divesting in terms of monetary losses, social and cultural unrest, and actions against the sovereignty of India by anti-national elements. Deepfake detection is difficult but not impossible. The following threats/issues are seen to be originating out of deep fakes: 

• Misinformation: One of the biggest issues of Deepfake is misinformation, the same was seen during the Russia-Ukraine conflict, where in a deepfake of Ukraine’s president, Mr Zelensky, surfaced on the internet and caused mass confusion and propaganda-based misappropriation among the Ukrainians. 
• Instigation against the Union of India: Deepfake poses a massive threat to the integrity of the Union of India, as this is one of the easiest ways for anti-national elements to propagate violence or instigate people against the nation and its interests. As India grows, so do the possibilities of anti-national attacks against the nation. 
• Cyberbullying/ Harassment: Deepfakes can be used by bad actors to harass and bully people online in order to extort money from them. 
• Exposure to Illicit Content: Deepfakes can be easily used to create illicit content, and oftentimes, it is seen that it is being circulated on online gaming platforms where children engage the most. 
• Threat to Digital Privacy: Deepfakes are created by using existing videos. Hence, bad actors often use photos and videos from Social media accounts to create deepfakes, this directly poses a threat to the digital privacy of a netizen.  
• Lack of Grievance Redressal Mechanism: In the contemporary world, the majority of nations lack a concrete policy to address the aspects of deepfake. Hence, it is of paramount importance to establish legal and industry-based grievance redressal mechanisms for the victims. 
• Lack of Digital Literacy: Despite of high internet and technology penetration rates in India, digital literacy lags behind, this is a massive concern for the Indian netizens as it takes them far from understanding the tech, which results in the under-reporting of crimes. Large-scale awareness and sensitisation campaigns need to be undertaken in India to address misinformation and the influence of deepfakes. 

How to spot deepfakes? 

Deepfakes look like the original video at first look, but as we progress into the digital world, it is pertinent to establish identifying deepfakes in our digital routine and netiquettes in order to stay protected in the future and to address this issue before it is too late. The following aspects can be kept in mind while differentiating between a real video and a deepfake

• Look for facial expressions and irregularities: Whenever differentiating between an original video and deepfake, always look for changes in facial expressions and irregularities, it can be seen that the facial expressions, such as eye movement and a temporary twitch on the face, are all signs of a video being a deepfake. 
• Listen to the audio: The audio in deepfake also has variations as it is imposed on an existing video, so keep a check on the sound effects coming from a video in congruence with the actions or gestures in the video. 
• Pay attention to the background: The most easiest way to spot a deepfake is to pay attention to the background, in all deepfakes, you can spot irregularities in the background as, in most cases, its created using virtual effects so that all deepfakes will have an element of artificialness in the background. 
• Context and Content: Most of the instances of deepfake have been focused towards creating or spreading misinformation hence, the context and content of any video is an integral part of differentiating between an original video and deepfake. 
• Fact-Checking: As a basic cyber safety and digital hygiene protocol, one should always make sure to fact-check each and every piece of information they come across on social media. As a preventive measure, always make sure to fact-check any information or post sharing it with your known ones.  
• AI Tools: When in doubt, check it out, and never refrain from using Deepfake detection tools like- Sentinel, Intel’s real-time deepfake detector - Fake catcher, We Verify, and Microsoft’s Video Authenticator tool to analyze the videos and combating technology with technology. 

Recent Instance 

A deepfake video of actress Rashmika Mandanna recently went viral on social media, creating quite a stir. The video showed a woman entering an elevator who looked remarkably like Mandanna. However, it was later revealed that the woman in the video was not Mandanna, but rather, her face was superimposed using AI tools. Some social media users were deceived into believing that the woman was indeed Mandanna, while others identified it as an AI-generated deepfake. The original video was actually of a British-Indian girl named Zara Patel, who has a substantial following on Instagram. This incident sparked criticism from social media users towards those who created and shared the video merely for views, and there were calls for strict action against the uploaders. The rapid changes in the digital world pose a threat to personal privacy; hence, caution is advised when sharing personal items on social media​​.

Legal Remedies

Although Deepfake is not recognised by law in India, it is indirectly addressed by Sec. 66 E of the IT Act, which makes it illegal to capture, publish, or transmit someone's image in the media without that person's consent, thus violating their privacy. The maximum penalty for this violation is ₹2 lakh in fines or three years in prison. The DPDP Act's applicability in 2023 means that the creation of deepfakes will directly affect an individual's right to digital privacy and will also violate the IT guidelines under the Intermediary Guidelines, as platforms will be required to exercise caution while disseminating and publishing misinformation through deepfakes. The indirect provisions of the Indian Penal Code, which cover the sale and dissemination of derogatory publications, songs and actions, deception in the delivery of property, cheating and dishonestly influencing the delivery of property, and forgery with the intent to defame, are the only legal remedies available for deepfakes. Deep fakes must be recognized legally due to the growing power of misinformation. The Data Protection Board and the soon-to-be-established fact-checking body must recognize crimes related to deepfakes and provide an efficient system for filing complaints.

Conclusion 

Deepfake is an aftermath of the advancements of Web 3.0 and, hence is just the tip of the iceberg in terms of the issues/threats from emerging technologies. It is pertinent to upskill and educate the netizens about the keen aspects of deepfakes to stay safe in the future. At the same time, developing and developed nations need to create policies and laws to efficiently regulate deepfake and to set up redressal mechanisms for victims and industry. As we move ahead, it is pertinent to address the threats originating out of the emerging techs and, at the same time, create a robust resilience for the same. 

References 

• https://www.drishtiias.com/daily-updates/daily-news-analysis/deepfake-technology
• https://timesofindia.indiatimes.com/gadgets-news/explained-what-are-deepfakes-and-how-to-spot-one/articleshow/90916962.cms
• https://www.unite.ai/best-deepfake-detector-tools-and-techniques/

Introduction

In a groundbreaking move, India's Reserve Bank has embarked on a transformative journey with its Central Bank Digital Currency (CBDC) project. As the world grapples with the evolving landscape of digital finance, the implications of India's CBDC initiative extend beyond its borders, potentially reshaping global payment systems. The Union Minister of State for Finance, Shri Pankaj Chaudhary, revealed that on October 7, 2022, the Reserve Bank of India released a proposal note on Central Bank Digital Currency (CBDC). Two pilot projects using blockchain-based technology are described in the concept note: Digital Rupee-Wholesale (e₹-W) and Digital Rupee-Retail (e₹-R). Launched on November 1, 2022, the bulk trading pilot aims to increase intermediary competitiveness, particularly in the resolution of trades in the secondary market involving sovereign debt. In parallel, on December 1, 2022, the retail banking pilot, known as e₹-R, got underway in a limited user group with eight banks taking part in stages.

The digital asset known as e₳-R is issued across financial institutions for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions. It is intended to serve as a virtual currency that represents legal money and exhibits characteristics similar to actual cash. Based on input gathered during the continuing trial phases, the RBI intends to progressively broaden the pilot project's scope.

Central Bank Digital Currency Pilot Projects

Central Bank Digital Currency (CBDC), which the Central Bank of India is promoting, may easily perform an essential part in payments made across borders, according to Reserve Bank Governor Shaktikanta Das. The CBDC is going to be expanded to the international financial markets after being implemented as a trial in both the retail and wholesale industries.

CBDC in International Payments

He emphasized that although physical currency will still exist, the CBDC will eventually replace all forms of money worldwide.  

"CBDC is going to be the future currency of the world and it is necessary that every central bank, every country works on CBDC," he stated. He also stated that as worldwide commerce moves more and more around science and technology, CBDCs will play a significant role since they can effectively and affordably speed up payment processing across different countries. Regarding India's foreign exchange reserves, the governor stated that the selection to increase the resources as a safety net and protection versus contagion possibilities was made consciously.

CBDCs' Place in the Transnational Economic Revolution

In certain economies worldwide, having a CBDC internationally accessible could lead to more replacements for foreign currencies rather than the home currencies, which could cause financial aggregates to become volatile and change the mix of instruments of exchange.

CBDC may have benefits related to first-mover savings of scale, and other consequences even in everyday circumstances. If nations with global currencies have established CBDCs, they could strengthen current advantages and disadvantages, including consequences, particularly in terms of revenue. In a similar vein, CBDC might alter the structure of international liquidity while safeguarding asset supply. Additionally, and particularly if imposed abruptly, CBDC may, in certain circumstances, result in significant capital movements and associated repercussions on the foreign exchange rate as well as additional asset prices. Furthermore, nations may encounter difficulties in getting ready for virtual currencies issued by central banks.

The worldwide and international scope of CBDCs accessible to immigrants may become particularly apparent in situations where there is a widespread flight safety concern. In these circumstances, converting a CBDC into a foreign currency would make it possible for capital markets to deleverage more quickly. The elimination of debt challenges could show up as tight finance constraints and abrupt swings in foreign exchange markets if CBDCS expedited its flight from uncertainty.

Deposits of Foreign Exchange and Self-Dependency

Reserve Bank Governor Shaktikanta Das stated "We must rely on ourselves. We must maintain our robust reserves. In order to achieve that goal, we have been amassing quite substantial reserves, and the outside world has come to feel quite confident that India would be able to fulfil its contractual responsibilities to the international community no matter what the obstacles," 

Involvement of RBI in the Currency Market

Given that the trading community was confident that the Reserve Bank of India would be capable of and able to fulfil its contractual responsibilities, the value of the Indian rupee did not decline as dramatically. The RBI governor stated that the RBI does participate in the economy, but that "our engagement operates in two ways," he would not hesitate to acknowledge this.

The Value of Macroeconomic and Budgetary Cooperation

According to RBI Governor Das, the RBI makes purchases and sales of dollars based on the direction in which the financial sector is trending. However, the RBI does not intend to set a certain level for the rupee because it does not consider any specific threshold for the Indian rupee's conversion rate against the US dollar. He also emphasized how crucial it is for both the financial and monetary authorities to work together.

Conclusion

India's CBDC project signals a transformative shift in the global digital finance landscape. Governor Shaktikanta Das envisions CBDCs as the future global currency, emphasizing their role in international payments. The potential impact on financial systems, cross-border transactions, and the need for self-reliance underscore the significance of India's CBDC initiative in shaping the evolving dynamics of the digital economy. As the project progresses, close cooperation between financial and monetary authorities becomes imperative for navigating the challenges and opportunities associated with this groundbreaking venture.

References

• https://economictimes.indiatimes.com/news/economy/policy/central-bank-digital-currency-can-play-important-role-in-cross-border-payment-rbi-guv/articleshow/104706717.cms
• https://www.bis.org/cpmi/publ/d174.pdf
• https://bfsi.economictimes.indiatimes.com/news/fintech/explained-how-rbi-is-leveraging-upi-to-push-the-use-of-retail-cbdc/103591989
• https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency
• https://www.business-standard.com/economy/news/cbdc-pilot-projects-show-promising-results-rbi-governor-shaktikanta-das-123102601171_1.html