Sixty-four per cent of Indian organisations surveyed were hit by ransomware attacks in the last year, a new report has said.
ransomware attacks (photo: IANS)
Sixty-four per cent of Indian organisations surveyed were hit by ransomware attacks in the last year, a new report has said.
“The findings show a decrease in the rate of ransomware attacks against Indian organisations from the 73 per cent reported in last year’s study to 64 per cent in this year’s. However, the impact on victims has intensified, with higher ransom demands and recovery costs compared to the previous year,” cybersecurity company Sophos said in its annual “State of Ransomware in India 2024” report.
The report findings are derived from an independent survey of 5,000 IT decision makers across 14 countries, including 500 respondents in India. Conducted in January and February 2024, respondents were asked to answer based on their experiences in the previous 12 months.
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For the first time, Indian organisations were found to be more likely to recover data by paying the ransom (65 per cent) than using backups (52 per cent). The average ransom demand was USD 4.8 million, with 62 per cent of demands exceeding USD 1 million. The median ransom paid was USD 2 million, the report said.
“Prevention remains the most cost-effective ransomware strategy. Having solid defense-in-depth cybersecurity with anti-ransomware capabilities, ensuring in-depth defense protection with 24/7 monitoring is critical. At the same time, it is equally important to develop response capabilities, and comprehensive backup and recovery measures,” said Sunil Sharma, Vice President, Sales, India and SAARC, Sophos.
“Continually reviewing security posture and incident response plans will also greatly improve an organisation’s resilience against these relentless attacks,” he added.
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