More than 7 Indian companies suffered a ransomware attack last year | #malware | #ransomware

More than seven out of 10 (78 percent) of Indian organisations were hit with ransomware goes after last year, up from 68% in 2020, a new report showed on Wednesday. The average ransom paid by the Indian organisations that had data scrambled in their most critical ransomware attack was $1,198,475, with 10% of victims paying ransoms of $1 at least million, as indicated by cybersecurity firm Sophos. 78% of the Indian organisations that had data encoded paid the ransom to get their data back, regardless of whether they had other means of data recuperation, like reinforcements.

“While the average expense of recovering from an incident declined to $2.8 million from $3.4 million in 2020, it remains a significant number that should be sounding alarm bells among management teams of Indian firms,” Sharma said in a statement.

“The ransomware situation in India is worrying. The numbers of victims, ransom payments and the impact of these attacks continued to rise during 2021, at considerable cost,” said Sunil Sharma, managing director, sales, India and SAARC, Sophos.

It took on average one month to recover from the damage and disruption.

“Nearly 89 per cent of mid-sized organisations had cyber insurance that covers them in the event of a ransomware attack and in 100 per cent of incidents, the insurer paid some or all the costs incurred,” the findings showed.

According to the ‘State of Ransomware 2022’ report, 97 per cent of organisations said the attack had impacted their ability to operate, and 92 per cent of the victims said they had lost business and/or revenue because of the attack.

“A considerable number of Indian victims are prepared to pay more than $1 million, but even ransom payments of a few thousand dollars are a good return for the crooks,” said Sharma.

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  • More than 7 Indian companies suffered a ransomware attack last year
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