73% of Indian companies hit by ransomware in 2023

India is facing a multi-faceted challenge when it comes to cybersecurity. We are dealing with a combination of domestic and international threat actors who are constantly evolving their methods to compromise personal data .

Various reports says, critical infrastructure providers especially healthcare, oil and defence-related firms are increasingly being targeted.

A recent survey has found that nearly 73% of mid and large-sized organizations in India were hit by a ransomware attack in 2023. This is a significant increase from the previous year, when only 45% of organizations were affected.

The Sonicwall survey found that the average ransom payment demanded by cybercriminals in India has increased to $1 million, up from $500,000 in 2022.

As per survey of Sophos, nearly 73% of Indian mid-sized and large-sized organizations were hit by a ransomware attack in 2023. This is a significant increase from the previous year, when 54% of organizations were affected. The survey also found that nearly 44% of organizations that were hit by a ransomware attack ended up paying ransom, with the average ransom payment being between $100,000 and $500,000.

The increase in ransomware attacks in India can be attributed to a number of factors, including the growing sophistication of ransomware attacks, the increasing value of data, and the lack of adequate cybersecurity measures in many organizations. Ransomware is a type of malware that encrypts an organization's data and demands a ransom payment in exchange for the decryption key. If an organization does not pay the ransom, they may be unable to access their data, which can have a devastating impact on their business.

Experts are warning that organizations in India need to take steps to protect themselves from ransomware attacks. This includes implementing strong cybersecurity measures, such as multi-factor authentication and data encryption. Organizations should also have a plan in place for responding to a ransomware attack, in order to minimize the disruption to their business.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA