Cyber threats in Pakistan’s finance sector surge by 114pc in 2024: report

LAHORE: Cyber threats targeting Pakistan’s financial sector have seen a dramatic rise in 2024, with financial malware and spyware attacks becoming increasingly prevalent. Other common threats include ransomware, phishing attacks, and espionage-driven malware designed to steal sensitive information, all of which pose significant risks to the country’s digital landscape.

From January to October 2024, Kaspersky reported a 114 per cent increase in banking and financial malware attacks compared to the same period in the previous year. These attacks primarily target digital financial operations, jeopardising both individual and institutional financial security. One key trend highlighted by Kaspersky experts is the rising threat of financial cyberattacks on smartphones, a trend expected to continue into 2025.

This information was shared by Kaspersky experts at a recent Cyber Threat Intelligence Summit, where they provided a detailed overview of the growing cyber threat landscape globally, with a specific focus on Pakistan. Kaspersky also revealed data from its Security Network, which highlighted the activities of advanced persistent threat (APT) groups, such as Lazarus and SideWinder, which lead sophisticated campaigns aimed primarily at espionage.

Ransomware remains one of the most significant threats in the region. During a ransomware attack, malware is used to block access to data or encrypt files, with attackers demanding payment for the decryption key.

Such attacks can severely disrupt operations, rendering critical data and systems inaccessible or causing irreversible data loss. Kaspersky experts predict that ransomware-as-a-service will continue to grow in 2025.

According to Kaspersky’s Security Network statistics, 13.7 per cent of users in Pakistan were affected by web-based threats during the third quarter of 2024 (July-September). These web-based threats range from phishing to malicious websites designed to steal user data. Besides this, 18.7 per cent of users encountered local threats, which spread via USB drives, CDs, and encrypted file installers, often bypassing traditional security measures and further jeopardising user systems.

Spyware attacks have also surged by 63 per cent in Pakistan in 2024, with these attacks focused on collecting and transmitting user data to unauthorised third parties. This surge raises serious privacy concerns for both corporate and government entities. Experts expect an increase in attacks leveraging stolen information in 2025.

The security of industrial control systems (ICS) is another critical concern, especially for critical infrastructure sectors such as energy, utilities, chemicals, metals and mining and critical manufacturing. According to Kaspersky’s data, 29.51 per cent of ICS computers in Pakistan were targeted by cyber threats in the third quarter of 2024. These threats included malware such as spy trojans, backdoors, keyloggers, and more targeted attacks on software like AutoCAD systems.

Kaspersky’s Global Security Expert Dmitry Berezin emphasised during the summit that while Pakistan is actively integrating new technologies, it is crucial to prioritise cybersecurity. He urged organisations and individuals to adopt a proactive, multi-layered approach to cybersecurity in response to the growing cyber threat landscape.

“Organisations must not only strengthen their internal IT defence but also integrate real-time threat intelligence, continuous monitoring and rapid incident response into their cybersecurity strategies. At the same time, it is essential to educate employees. Individuals should also use strong security solutions on all their devices and follow cybersecurity hygiene practices,” he said.