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49% Indian Firms Suffered Multiple Ransomware Attacks In Past 12 Months, Most In The World: US Survey
NEW DELHI: Over the course of 2021, Indian businesses will face an increase in the number of ransomware attacks as cybercriminals attempt to penetrate their infrastructure to breach larger corporations.
According to a survey conducted by US security firm CrowdStrike and market research firm Vanson Bourne, nearly half (49%) of organisations in India have been subjected to multiple ransomware attacks, with the remaining 76% having been subjected to at least one ransomware attack in the previous 12 months. According to the 7 December report, this is more than any other country.
To avoid an attack, many Indian enterprises even caved up to attackers’ extortion demands. According to the survey, 27% of Indian corporations paid extortion costs ranging from $500,000 to $1 million. India had the highest average extortion fee payment ($ 1.128 million) in addition to ransom. According to the survey, the average ransom paid by Indian corporations was $2.92 million, with 26 per cent paying a ransom of $5 million to $10 million.
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“Cyberattacks are increasing globally, and we’re seeing a similar trend in India,” said Mark Goudie, CrowdStrike’s APJ services director.
In response to the disruption produced by the covid-19 epidemic and the transition to remote and hybrid work modes, India has seen a tremendous growth in the adoption of IT and digital technology.
Gartner, a worldwide research group, forecast this week that Indian corporations will spend more than $100 billion on IT infrastructure. According to security experts, the shift to remote and hybrid work has increased the “attack surface” as well as making Indian businesses attractive targets for ransomware assaults. The entire number of points of access for a hacker is referred to as the attack surface.
Covid has provided a fertile ground for threat actors to exploit security flaws, but attacks continue to increase even after the pandemic’s second year, according to Goudie. “Much of this is due to threat actors updating their strategies, approaches, and procedures, but it is also due to enterprises continuing to rely on old security solutions that are just unfit for purpose,” he said.
He emphasised that Indian firms have limited access to threat intelligence, which is compounding the problem. Investment in threat intelligence and threat hunting services, he claims, can help limit the risks. Threat intelligence is the information a company has to prevent cyberattacks, whereas threat hunting is the activity of actively looking for bugs and other flaws in IT infrastructure.
On the plus side, Indian businesses believe they are well-prepared to deal with potential ransomware assaults. According to the CrowdStrike survey, 60 per cent of firms have a complete strategy in place to coordinate a response, and 72 per cent have confidence in their IT security, which is also the highest globally.
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