As many as 78 percent of Indian organizations were affected by ransomware in 2021, up from 68 percent in 2020, a recently released Sophos claimed. The survey also found that the average ransom paid by Indian organizations that encrypted data in their main ransomware attack was $1,198,475, with 10 percent of victims paying a ransom of $1 million or more.
About 78 percent of organizations that had encrypted data paid the ransom to get their data back, even if they had other means of data recovery, such as backups. “The ransomware situation in India is worrying. The number of victims, ransom payments and the impact of these attacks continued to rise in 2021, at a significant cost,” said Sunil Sharma, managing director, sales, India and SAARC, Sophos.
The report provides an overview of the impact of ransomware on 5,600 medium-sized organizations in 31 countries in Europe, the Americas, Asia-Pacific and Central Asia, the Middle East and Africa, including 300 in India.
“While the average cost of recovering from an incident fell to US$2.8 million in 2020 from US$3.4 million, it remains a significant number that should set alarm bells ringing among management teams at Indian companies. In 2021, the percentage of victim organizations directly affected by ransomware rose from 68 percent to 78 percent. Ransomware isn’t something that can happen, it’s something that will happen if you don’t take the necessary precautions,” the survey said.
The survey conducted by Sophos also recommends best practices to help protect against ransomware and related cyber attacks. “With 89% of organizations insured and 100 percent receiving compensation after an attack, we can expect the trends observed in 2021 in insurance coverage and costs to continue to increase,” said Sharma.
“Policies require stronger defenses at higher costs, with more exceptions. Cyber criminals will continue to view India as a prime target, in part due to the high number of victims paying the ransom. The results show that a significant number of Indian victims are willing to pay more than $1 million, but even a ransom of a few thousand dollars is a good return for the crooks,” he added.
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