A survey by US security firm CrowdStrike and market research firm Vanson Bourne revealed 49 percent of Indian businesses that have a digital presence recorded multiple ransomware attacks in 2021.
Indian businesses with an online presence remained one of the primary targets of cybercriminals throughout 2021. A report suggests 76 percent of organisations in the country suffered at least one ransomware attack in the past 12 months.
In fact, the survey by US security firm CrowdStrike and market research firm Vanson Bourne revealed 49 percent of Indian businesses that have a digital presence recorded multiple ransomware attacks.
The survey report, released on December 7, added that Indian firms suffered more ransomware attacks than any other country in 2021, adding that several of these companies gave in to extortion demands to avoid an attack. Around 27 percent of the firms paid an average of $5,00,000 to cyber attackers as extortion fees. The ransom paid by certain organisations was upwards of $5 million.
According to cyber experts, the occurrences of ransomware attacks have shot up globally. In India, such attacks recorded an unprecedented increase as the country witnessed a massive surge in the adoption of technologies in the wake of the COVID-19 pandemic. Several companies have shifted to remote or hybrid working models, increasing their dependence on online business processes.
This, according to security researchers, made Indian companies easy targets for ransomware attacks. Also, the attack surface -- the total number of points of entry for a hacker -- has increased for cybercriminals due to remote working.
Experts have pointed out that cybercriminals will continue to exploit security vulnerabilities till Indian companies stick to legacy security solutions. They add that Indian firms don't spend enough on threat intelligence (pre-empting cyberattacks) and threat hunting services (removing bugs and other pain points in IT infrastructure).
Despite the massive increase in cyberattacks, 72 percent of Indian firms have expressed confidence in their IT security systems. Sixty percent of the companies say they have a comprehensive strategy in place to coordinate a response to such cyberattacks.
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The report comes a week after global research firm, Gartner, had predicted that Indian companies are likely to spend more than $100 billion on their IT infrastructure.
(Edited by : Kanishka Sarkar)