Cloudflare, Inc. (NYSE: NET), a connectivity cloud company, has released its much-anticipated State of Application Security 2024 Report. The findings underscore a growing struggle among organizations to combat escalating cyber threats while grappling with outdated security measures.
In a year marked by unprecedented challenges, the report highlights alarming trends including the rapid exploitation of new zero-day vulnerabilities, record-breaking DDoS attacks, and mounting risks from compromised supply chains. These issues pose significant threats to the integrity of modern web applications and APIs, essential components powering today’s digital ecosystem.
“Web applications are foundational to our digital lives, yet they remain vulnerable targets for malicious actors,” remarked Matthew Prince, co-founder and CEO at Cloudflare. “Our network alone blocks an average of 209 billion cyber threats daily, reflecting the critical need for robust application security.”
Key insights from the report include:
– Rise in DDoS Attacks: DDoS attacks, comprising 37.1% of all application traffic mitigated by Cloudflare, continue to plague sectors such as Gaming, IT, Cryptocurrency, and more.
– Speed of Exploitation: Cloudflare observed an alarming trend with new zero-day vulnerabilities being exploited within minutes of their discovery, underscoring the race between defenders and attackers.
– Bot Threats: Malicious bots, responsible for 31.2% of all web traffic, pose significant disruption risks across various industries, including Manufacturing, Cryptocurrency, and Government sectors.
– API Security Challenges: Many organizations rely on outdated security models, with traditional WAF rules proving insufficient against evolving threats targeting APIs.
– Supply Chain Risks: Increased reliance on third-party software introduces vulnerabilities, with organizations averaging 47.1 third-party dependencies, exposing them to compliance and security liabilities.
Cloudflare’s State of Application Security 2024 Report combines extensive data from its global network, spanning from April 2023 to March 2024, supplemented by third-party insights. The report serves as a critical resource for understanding current cybersecurity challenges and underscores the imperative for organizations to adopt proactive security measures to safeguard their digital assets.
