New Delhi, May 25, 2023: A press conference was held on Wednesday to reveal the alarming findings of The State of Ransomware 2023 Report specific to India.
The report, which drew insights from nearly 3,000 organizations worldwide, highlighted the concerning rise of ransomware attacks in India. Of the 300 organizations surveyed across six major metropolitan areas, including Hyderabad and Kolkata, an unsettling trend emerged: ransomware attacks surged from 57% to a staggering 73%.
Disturbingly, the report also disclosed that 38% of organizations experienced data theft in addition to data encryption during these attacks. The impact on businesses was palpable, with 70% of the affected organizations citing significant disruptions. Impressively, 85% of organizations recognized the severity of these ransomware attacks and acknowledged the need for heightened security measures. Furthermore, the report revealed a positive shift as the average cost of recovery decreased from $3 million in 2020 to $1 million in 2023.
This reduction in recovery costs can be attributed to the growing awareness among organizations regarding the threat of ransomware attacks. Many entities have proactively implemented robust security tools and enhanced infrastructure to protect themselves against such incidents. It is essential for everyone to take collective responsibility in spreading awareness about these critical issues.
The report identified three primary root causes of ransomware attacks based on the survey findings. First, vulnerabilities were exploited in a majority of the targeted organizations. Secondly, attacks involving password and credential theft were also prevalent. Finally, email-based attacks represented another significant avenue for cybercriminals. To address these challenges effectively, organizations must prioritize regular software patching to mitigate vulnerabilities. Additionally, it is crucial for users to employ strong, unique passwords to deter unauthorized access.
In light of these findings, it is evident that concerted efforts are necessary to combat the escalating ransomware threat. By adopting proactive security measures and staying vigilant, organizations can minimize the risk and protect valuable data from falling into the wrong hands.
