New Delhi: Sophos, a global leader in network and endpoint security, today announced the India findings of its survey, The State of Endpoint Security Today which shows the extent to which Indian businesses are at a risk of repeated ransomware attacks and are vulnerable to exploits. The survey polled more than 2,700 IT decision makers across mid-sized businesses in 10 countries worldwide, including the US, Canada, Mexico, France, Germany, UK, Australia, Japan, South Africa and India. The survey concludes that despite the intensity and magnitude of attacks, Indian businesses are still not prepared to defend itself against determined attackers.
Ransomware continues to be a major issue across the globe with 54 percent of organizations surveyed hit in the last year and a further 31 percent expecting to be victims of an attack in the future. On average, respondents impacted by ransomware were struck twice.
“Unlike lightening, ransomware can strike again and again to the same organization. We’re aware of cybercriminals unleashing four different ransomware families in half-hour increments to ensure at least one evades security and completes the attack,” said Sunil Sharma, Managing Director Sales at Sophos India & SAARC. “Today’s persistent cybercriminals are deploying multiple attack methods to succeed, whether using a mix of ransomware in a single campaign, taking advantage of a remote access opportunity, infecting a server, or disabling security software. If IT managers are unable to thoroughly clean ransomware and other threats from their systems after attacks, they could be vulnerable to reinfection. No one can afford to be complacent.”
This relentless attack methodology combined with the growth in Ransomware-as-a-Service, the anticipation of more complex threats, and the resurgence of worms like WannaCry and NotPetya puts businesses in serious need of a security makeover, according to Sophos. In fact, more than 90 percent of Indian IT decision makers surveyed impacted by ransomware were running up to date endpoint protection, confirming that traditional endpoint security is no longer enough to protect against today’s ransomware attacks.
According to those impacted by ransomware last year, the median total cost of a ransomware attack was $133,000. Indian organizations median total cost stood at $1.17mn, the highest, in rectifying the impacts of ransomware. This extends beyond any ransom demanded and includes downtime, manpower, device cost, network cost, and lost opportunities