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Indian firms are struggling to recover data from ransomware attacks

Indian firms are struggling to recover data from ransomware attacks
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84% of Indian organisations suffered ransomware attacks in 2021, and on an average, companies were unable to retrieve 36% of their lost data, while 90% of them lost data in some form or the other, according to a report by cybersecurity company Veeam. 

In a study conducted on 3,000 IT decision-makers globally, including India, Veeam found that 95% of Indian companies experienced outages in the last 12 months, while 14% of organisations’ data was left completely unprotected, this number stood at 18% on average globally.

But on the flip side, 93% of organisations are planning to increase their data protection budgets during 2022, which is an increase of about 7% in expenditure over 2021. 

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Among key data loss concerns, 51% of organisations reported accidental data deletion (49% globally), while 42% experienced administrator configuration errors (46% globally), and 35% of organisations experienced intentional disruption by administrators and users. This clearly points towards many instances of data leaks originating from within the organisation and due to human errors.

Also read: Russia-linked hackers amass 74% of ransomware revenues in 2021: Report

Throwing more insights into where company data is deployed, about 49% of organisations’ data infrastructure is currently located in the data centre, while 51% is hosted in the cloud, pointing towards a truly hybrid cloud environment.

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In terms of data protection, only 26% said that cloud-hosted data protection was the most important factor, implying that security decision-makers were not too worried about the security of cloud workloads.

TechCircle delved into the issue of employers and players in the close ecosystem being one of the biggest threats to security over the past two years. 

A report by Michigan-based Ponemon institute showed that insider threats had increased in frequency and also needed more money to mitigate over the past two years. The study showed that insider threats had increased by 47% over the past two years. The report also showed that companies lost an average of $15 million to insider threats alone.

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