64% firms report ransomware attacks in India; 65% opt to pay ransom: Report

A recent report by cybersecurity solutions provider Sophos found that ransomware attacks against Indian organizations dropped to 64% this year from 73% reported last year. However, the impact on victims has grown more severe, with heightened ransom demands and recovery costs compared to the prior year.

The annual ‘State of Ransomware in India 2024’ report, derived from a survey of 500 IT decision-makers in India, revealed that for the first time, Indian organizations were more inclined to recover data by paying the ransom (65%) rather than utilizing backups (52%). The average ransom demand stood at $4.8 million, with 62% exceeding $1 million and a median ransom payment of $2 million.

The report also highlighted that the average recovery cost for data in India is $1.35 million, with 44% of impacted computers encrypted in attacks and 34% involving data theft in addition to encryption. Globally, only 24% of ransom payers remit the originally requested amount, with 44% paying less than the initial demand. The average ransom payment equated to 94% of the initial demand.

To combat evolving ransomware threats, the report recommends implementing robust cybersecurity measures, such as understanding risk profiles, deploying endpoint protection solutions, enhancing defenses with threat detection, developing incident response plans, and regularly backing up critical data.

Source – Business Standard