91% of Indian organisations experienced ransomware attacks in 2023

A survey conducted by CyberArk reveals that 91% of Indian organizations experienced ransomware attacks in 2023, it highlights a significant and alarming trend in cybersecurity threats faced by businesses in the country.

The findings of the report further elaborates on upcoming areas of identity and cybersecurity concern in 2023. It notes that 61% of security professionals surveyed, expect AI-enabled threats to affect their organisation in 2023, with AI-powered malware cited as the top concern.

Ransomware attacks involve malicious actors encrypting data or systems and demanding payment (usually in cryptocurrency) for its release.

The high prevalence of ransomware attacks underscores the importance of implementing robust cybersecurity measures, including regular software updates, employee training, network segmentation, and multi-factor authentication. Organizations should also invest in advanced threat detection and response capabilities to detect and mitigate ransomware threats proactively.

Given the widespread nature of ransomware attacks, organizations must collaborate with industry peers, government agencies, and cybersecurity experts to share threat intelligence, best practices, and mitigation strategies. Information sharing can help organizations stay ahead of evolving ransomware threats and strengthen their collective defenses.

The identity-centric attack surface is one that is a priority to secure. To be best positioned to weather the current storm, organisations must adopt a risk-based strategy to secure critical assets, and initiate programmes to consolidate operations on a smaller set of trusted partners and solutions to build resilience.

Organizations must ensure compliance with relevant data protection regulations, such as the Personal Data Protection Bill in India. Compliance requirements may include data encryption, breach notification, and risk assessment measures to safeguard against ransomware attacks and mitigate legal and regulatory risks.

Overall, the high prevalence of ransomware attacks in 2023 underscores the urgent need for organizations in India to prioritize cybersecurity and adopt a proactive approach to mitigate ransomware threats. By implementing comprehensive security measures and fostering collaboration within the cybersecurity community, organizations can better defend against ransomware attacks and protect their sensitive data and critical infrastructure.

S Mohini Ratna, Editor, VARINDIA