Companies Struggle To Stop Ransomware Attacks

03 Oct India: Companies Struggle To Stop Ransomware Attacks

This week in cybersecurity from the editors at Cybercrime Magazine

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Sausalito, Calif. – Oct. 3, 2024

DW reports that India has been grappling with a steady increase in ransomware attacks targeting businesses, banks and public services.

A report from Sophos found that 65 percent of Indian companies hit by ransomware were inclined to pay the ransom to recover the data, with the average cost for data being $1.35 million (€ 1.21 million). The average ransom demand was $4.8 million, with 62 percent of demands exceeding $1 million.

Pawan Duggal, a cyber law expert, who has studied the issue closely, said India is beginning to see ransomware fatigue as companies are falling behind on compliance. “As corporate [data] backup regimes fall behind for a variety of reasons, and as companies do not have much time, they are relying more on making payments for ransom,” Duggal added.

Attacks on Micro, Small & Medium Enterprises (MSMEs), which are vital to the Indian economy, have been a particular cause for concern, given that MSMEs account for over 40 percent of India’s total exports.

According to Cybersecurity Ventures, ransomware is a global threat that is predicted to cost victims around $265 billion annually by 2031.

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