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Ransomware Attack Rate Drops in India but Impact Increases-Research

Ransomware Attack Rate Drops in India but Impact Increases-Research by Sophos to show 67% of those surveyed were attacked by ransomware in the last year

DQC Bureau

15 May 2024 11:50 IST

New Update

Sophos, a provider of cybersecurity solutions that offer protection against cyberattacks, today released its annual State of Ransomware in India 2024 report. The findings show a decrease in the rate of ransomware attacks against Indian organisations from the 73% reported in last year’s study to 64% in this year’s. However, the impact on victims has intensified, with higher ransom demands and recovery costs compared to the previous year.

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The State of Ransomware in India 2024 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. For the first time, Indian organizations were found to be more likely to recover data by paying the ransom (65%) than using backups (52%). The average ransom demand was $4.8 million, with 62% of demands exceeding $1 million. The median ransom paid was $2 million.

Key findings from the India report include –

· 44% of impacted computers on average were encrypted in attacks against Indian victims

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· 34% of attacks included data theft in addition to encryption, slightly down from 38% the previous year

· Excluding ransom payments, the average cost to recover from an attack was $1.35 million

· 61% of victims were able to recover data within a week, up from 59% in 2022

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· 96% reported the attack to authorities, with 70% receiving investigation assistance

“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 organization's resilience against these relentless attacks.”