The cost of recovery from the impact of a ransomware attack in India tripled last year – from $1.1 million (over Rs 8 crore) in 2020 to $3.38 million (over Rs 24.5 crore) in 2021. To date – the country tops the list of 30 countries worldwide for ransomware attacks.
This information was revealed in a new report on Tuesday. According to global cyber security leader Sophos, the average ransom payment in India was $ 76,619 (over Rs 55 lakh). However, making payments often doesn’t pay off as Indian organizations paying ransoms on average got 75 percent of their data back and only 4 percent got all their data back, according to ‘The State of Ransomware 2021’ report.
According to a survey by cyber security firm Sophos, 67 percent of Indian organizations whose data was encrypted. He paid a ransom to get his data back. There has been a slight increase in this case as compared to last year.
Sunil Sharma, Managing Director-Sales, Sophos India and SAARC, said, “The proportion of organizations vulnerable to ransomware has declined over the last year, but compared to organizations surveyed in any other country, the proportion of Indian organizations has declined. The chances of getting affected are high.” “It is harder and more expensive for businesses to recover from these complex attacks, which can significantly impact their operating budgets,” he said.
The survey covered 30 decision makers from Europe, the Americas, the Asia-Pacific and Central Asia, the Middle East and Africa, with 300 respondents in India. The survey also found that 86 per cent of Indian organizations believe that cyber attacks are now too complex for their IT team to handle themselves, compared to the global average of 54 per cent.
Additionally, the findings showed that organizations in India that have not been hit by ransomware in the past 12 months, expect an overwhelming majority (86 percent) to become a target. The biggest reason given for this (57 percent) is that ransomware attacks are becoming increasingly difficult to prevent because of their sophistication.
“The findings further highlight the brutal fact that paying a ransom to restore data can be misleading,” Sharma said. Nearly three-quarters (72 percent) of Indian organizations admitted that data was encrypted in the most significant ransomware attack, down from 91 percent last year.